Reference no: EM132481697
Question - Grant Company acquired 40% of the voting stock of Jake Corporation on January 1, 2016, for $50,000,000. Basis differences were attributed entirely to goodwill. During the 5-year period from January 1, 2016 through December 31, 2020, Jake reported total net income of $23,000,000 and paid $8,000,000 in dividends. During 2021, Jake reported net income of $3,000,000 and paid $800,000 in dividends.
Required -
a. Calculate the balance in Investment in Jake, reported on Grant's December 31, 2020 balance sheet.
b. Calculate the balance in Investment in Jake, reported on Grant's December 31, 2021 balance sheet.
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