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Question - XYZ Corporation paid $380,000 for 36 percent of the outstanding common stock of Sam Corporation on April 2, 2014. Sam declared and paid dividends of $80,000 each quarter on March 15, June 15, September 15, and December 15 ($320,000 in total) and reported net income of $200,000. A summary of Sam's stockholders' equity at December 31, 2013 and 2014, follows (in thousands):
December 31
2013
2014
6% cumulative preferred stock, $100 par
$120
Common stock, $10 par
$310
Premium on preferred stock
$12
Other paid-in capital
$80
Retained earnings
$100
$180
Total stockholders' equity
$622
$702
REQUIRED -
1. Calculate XYZ Corporation's income from Sam for 2014.
2. Calculate XYZ Corporation's Investment in Sam account balance at December 31, 2014. Assume the book value of all assets and liabilities equals the fair value.
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