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Question - On 2017-Jan-01, Joe LLC obtained significant influence over Pizza Co through purchasing 4K worth of 10K outstanding shares of common stock, $20 for a share. Book value of Pizza co = fair value on the acquisiti.o0n date.
- On 15-Dec, pizza co paid 40K in dividends to common stockholders.
- Pizza co's net income for end of year was 120K
Required -
1. What is the amount of the income from this investment that should be reported by Joe LLC for 2017 on the statement of the income?
2. For Joe LLC's 2017 balance sheet ending Dec 31, what is the investment account balance?
3. Now, Assume Pizza's income for the year 2017 is earned 10K per month, and assume that Joe LLC made the same investment in Pizza Co on 1-Nov-2017. What amount of investment income should Joe LLC report for 2017 on the statement of income?
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