Problem in trading securities

Assignment Help Accounting Basics

Reference no: EM13154786

On Jan1, 2009, Nana Co. paid $100,000 for 8000 shares of Papa Co. common stock. These securities were classified as trading securities. The ownership in Papa Co. is 10%. Papa reported net income of $52,000 for the year ended Dec 31, 2009. The fair value of the Papa stock on that date was $45 per share. What amount will be reported in the balance sheet of Nana Co. for the investment in Papa at Dec 31, 2009?

Reference no: EM13154786

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