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How much did Sheridan pay

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Q1. On October 1, 2020, Wildhorse Company purchased 770 of the $1000 face value, 9% bonds of Ayayai, Inc., for $921000, including accrued interest of $15100. The bonds, which mature on January 1, 2027, pay interest semiannually on January 1 and July 1. Wildhorse used the straight-line method of amortization and appropriately recorded the bonds as available-for-sale. On Wildhorse's December 31, 2021 balance sheet, the carrying value of the bonds is

Q2. On January 1, 2021, Sheridan Company purchased 20% of Ace Corporation's common stock; no goodwill resulted from the purchase. Sheridan appropriately carries this investment at equity and the balance in Sheridan's investment account was $1030000 at December 31, 2021. Ace reported net income of $630000 for the year ended December 31, 2021, and paid cash dividends on common stock totaling $245000 during 2021. How much did Sheridan pay for its 20% interest in Ace?

Reference no: EM133077514

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