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Point 1: On August 1, 2015, KLM acquired 45% of Investee Company and is the largest shareholder of Investee Company. During 2015, Investee reported net income of $86,000. On December 1, 2015, Investee Company declared and paid $8,000 in dividends. At December 31, 2015, the market value of the stock was $3,000 lower than the purchase price. In 2015, there was no beginning balance in the SFVA account.
Point 2: KLM mistakenly recorded the transactions using the fair market value method, instead of using the equity method of accounting.
Question 1: What effect would this error have upon the net income of KLM shown on the December 31, 2015 income statement? Ignore tax considerations.
Understated by 38,100
Understated by 18,825
Understated by 17,625
None of the other answer choices is correct.
Understated by 19,125
Understated by 15,525
Understated by 12,525
Financial Statement Analysis and Preparation
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