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What is the amount recorded on Punk balance sheet

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Q1. On January 1, 2021, Punk decided to buy 35% of Sunk's 1,000,000 common shares for $500,000. This purchase allowed Punk to significantly influence Sunk. In 2021, Sunk's profit was $140,000. Sunk paid dividends of $.50 per common share in 2021. What is the amount recorded on Punk's balance sheet related to Sunk at Punk's year end of December 31, 2021?

Q2. Evaluate each inventory error and determine whether it overstates or understates each item. Inventory Error Cost of Goods Sold Net Income Understate beginning inventory Overstate ending inventory.

Reference no: EM132998640

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