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Question - On January 1, 2020, Skyline Co. paid $200,000 for a 40% interest in Allen Industries. Allen Industries' stockholders' equity amounted to $300,000 on that date. The excess of purchase price over book values was due to an unrecorded patent valued at $200,000 with a 5-year life. During 2020, Allen Industries reported income of $80,000 and paid dividends of $18,000. During 2021, it reported income of $90,000 and dividends of $48,000.
a. What is the amount of goodwill?
b. What is Equity Income for 2020?
Use a separate sheet of paper to prepare classified balance sheet and statement of retained earnings
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22574: ACCOUNTING INTELLIGENCE Assignment Help and Solutions- University of Technology Sydney- Australia-what would you change/improve in your next project/
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