Compute the balance of the investment in insor account

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Reference no: EM133492975

Question: Selectron Inc. acquired 70% of Insor Inc. on January 1, 2021 for $215,000, when Insor's Common Shares and Retained Earnings were worth $60,000 and $190,000 respectively. Insor's fair values approximated their book values on that date.

During 2021, investment Income in the amount of $16,000 and Dividends in the amount of $1,200 were recorded in Selectron's investment in Insor account. During 2022, investment income loss in the amount of $26,000 was recorded by Selectron.

In 2023 Insor earned $25,000 in net income, and paid $2,250 in dividends.

Compute the balance of the investment in Insor account at the end of 2022.

Reference no: EM133492975

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