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Lauralee, Inc. owns a 30% interest in Eastwood Co., giving it representation on the investee's board of directors. At the beginning of the year, the Equity Investment was carried on Lauralee's balance sheet at $500,000. During the year, Eastwood reported net income of $250,000 and paid Lauralee a dividend of $50,000. Lauralee sold inventory to Eastwood, recording a gross profit of $20,000 on the sale. At the end of the year, 50% of the merchandise remained unsold by Eastwood.
Problem a. Prepare the equity method journal entry to defer the unrealized inventory gross profit.
Problem b. How much equity income should Lauralee report from Eastwood during the year?
Problem c. What is the balance in the Equity Investment at the end of the year?
Reported revenues include ?30,000,000 of sales to external customers. External revenue reported by operating segments must be at least?
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Selling and administrative expenses for June are budgeted at $32,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,000 for the month.
Comparative financial statements for Weller Corporation, a merchandising company, for the fiscal year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 700,000 shares of common stock were outs..
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