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Question - On January 1, Humphries Inc. acquired common stock of Donaldson Company at book value. During the current year, Donaldson earned $80 million and declared dividends of $10 million.
Indicate the amount shown for Investment in Donaldson on Humphries Inc.'s balance sheet on December 31 and the amount of income Humphries Inc. would report for the year related to its investment under the assumption that Humphries Inc. did the following:
-Paid $20 million for a 10-percent interest in Donaldson and classifies the investment as a passive investment. The fair value of the investment at December 31st was now $23 million.
-Paid $70 million for a 35-percent interest in Donaldson and uses the equity method. The fair value of the investment at December 31st was now $73 million.
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