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What is the balance in Miller investment account

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Question - Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $170,000 on January 1, 2018, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2018, the following information is available for Crowell:

Mar. 31 Declared and paid a cash dividend of $50,000.

June 30 Reported semiannual earnings of $110,000 for the first half of 2018.

Sept. 30 Declared and paid a cash dividend of $50,000.

Dec. 31 Reported semiannual earnings of $140,000 for the second half of 2018.

Required -

1. Prepare journal entries for Miller to reflect the preceding information.

2. What is the balance in Miller's investment account on December 31, 2018?

Reference no: EM132596253

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