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(Solved by Expert Tutors) On January 1, 2014, Allan acquires 15 percent of Bellevue?s outstanding


classifies the investment as an available-for-sale security and records any unrealized holding gains or losses directly in owners? equity. On January 1, 2015, Allan buys an additional 10 percent of Bellevue for $53,830, providing Allan the ability to significantly influence Bellevue?s decisions.

?????During the next two years, the following information is available for Bellevue:

? Income Dividends Common Stock
Fair Value (12/31)
???2014 $ 172,000 ????? $72,000 ?????? $542,000
???2015 210,000 ????? 91,000 ?????? ??599,000

In each purchase, Allan attributes any excess of cost over book value to Bellevue?s franchise agreements that had a remaining life of 10 years at January 1, 2014. Also at January 1, 2014, Bellevue reports a net book value of $306,000.

 


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Apr 19, 2020

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