On February 15, Jewel Company buys 7,000 shares of Marcelo Corp. at $28.53 per share. The stock is classified as a stock investment with insignificant influence. This is the company's first and only stock investment. On March 15, Marcelo Corp. declares a dividend of $1.15 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp. stock on November 17 of the current year for $29.30 per share. The fair value of the remaining 3,500 shares is $29.50 per share. The amount that Jewel Company should report in the asset section of its year-end December 31 balance sheet for its investment in Marcelo Corp. is:
A. $5,440.
B. $2,245.
C. $200,110.
D. $3,195.
E. $103,250.
Answer: E
You might also like to view...
Which test is not an example of a white box test?
a. determining the fair value of inventory b. ensuring that passwords are valid c. verifying that all pay rates are within a specified range d. reconciling control totals
Answer the following statements true (T) or false (F)
A FASB survey found that most enterprises entering into a pooling of interest believed that the combination would not have occurred if purchase accounting had been acquired.
Which of the following countries is considered an up-and-comer in the outsourcing industry?
A. Israel. B. China. C. Thailand. D. New Zealand.
Antivirus servers can only find viruses, not other types of malware
Indicate whether the statement is true or false.