The outstanding voting common stock of rubins corp

Reference no: EM13679492

Diehl Company owns 40% of the outstanding voting common stock of Rubins Corp and has the ability to significantly influence the investee''s operations. On January 3, 20X1 the balance in the investment in Rubins corp account was $660,000. Amortization associated with this is $15,000 per year. During 20X1 Rubins earned a net income of $150,000 and paid cash dividends of $30,000. Perviously in 2010, Rubins had sold inventory costing $42,000 to Diehl for $60,000. All but 30% of that inventory has been sold to outsiders by Diehl during 20x1. Additional sales were to made to Diehl in 2011 at a transfer price of $85,000 that had cost Rubins $60,000. Only 16% of the 20x1 purchases had not been sold to outsiders by the end of 20X1

Reference no: EM13679492

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