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Question - At the beginning of the current year, Mighty Company acquired 20% of the outstanding ordinary shares of an investee for $7,000,000. This investment gave Might Company the ability to exercise significant influence over the investee. The carrying amount of the acquired net assets was $6,000,000. The excess of cost over carrying amount was attributable to an identifiable intangible asset which was undervalued on the investee's statement of financial position and which had a remaining useful life of ten years. The investee reported net income of $1,800,000 for the current year and paid cash dividend of $600,000 on the ordinary shares. What is the carrying amount of the investment in associate at year-end?
a. $6,780,000
b. $7,140,000
c. $7,000,000
d. $6,900,000
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