In january 2008 wilkinson inc acquired 20 percent of the

Reference no: EM13600718

In January 2008, Wilkinson, Inc., acquired 20 percent of the outstanding common stock of Bremm, Inc., for $700,000. This investment gave Wilkinson the ability to exercise significant influence over Bremm. Bremm's assets on that date were recorded at $3,900,000 with liabilities of $900,000. Any excess of cost over book value of the investment was attributed to a patent having a remaining useful life of 10 years. In 2008, Bremm reported net income of $170,000. In 2009, Bremm reported net income of $210,000. Dividends of $70,000 were paid in each of these two years. What is the equity method balance of Wilkinson's Investment in Bremm, Inc., at December 31, 2009?

Reference no: EM13600718

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