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What is the balance in Miller investment account

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Problem - Equity Method Miller Corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1, 2019, and obtained significant influence. The purchase price of the shares was equal to their book value. During 2019, the following information is available for Crowell:

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

June 30  Reported semiannual earnings of $120,000 for the first half of 2019.

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

Dec. 31  Reported semiannual earnings of $140,000 for the second half of 2019.

Required -

Prepare journal entries for Miller to reflect the preceding information.

What is the balance in Miller's investment account on December 31, 2019? Show your computations.

Reference no: EM132887876

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