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Question: On January 1, 2023, Bertrand, Inc., paid $60,000 for a 40 percent interest in Chestnut Corporation's common stock. This investee had assets with a book value of $200,000 and liabilities of $75,000. A patent held by Chestnut having a $5,000 book value was actually worth $20,000. This patent had a six-year remaining life. Any further excess cost associated with this acquisition was attributed to an indefinite-lived asset. During 2023, Chestnut earned income of $30,000 and declared and paid dividends of $10,000. In 2024, it had income of $50,000 and dividends of $15,000. During 2024, the fair value of Bertrand's investment in Chestnut had risen from $68,000 to $75,000. Assuming Bertrand uses the equity method, what balance should appear in the Investment in Chestnut account as of December 31, 2024? Assuming Bertrand uses fair-value accounting, what income from the investment in Chestnut should be reported for 2024?
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cleary company had total sales of 550000 sales discounts of 10000 sales returns of 40000 and cost of merchandise sold
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