What would be the balance in the investment of s corporation, Accounting Basics

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What would be the balance in the investment of s corporation

P Corporation purchased an 80% interest in S Corporation on January 1, 2010, at book value for $300,000. S's net income for 2010 was $90,000 and no dividends were declared. On May 1, 2010, P reduced its interest in S by selling a 20% interest, or one-fourth of its investment for $90,000. What would be the balance in the Investment of S Corporation account on December 31, 2010?

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Accounting Basics: What would be the balance in the investment of s corporation

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Accounting Basics: What would be the balance in the investment of s corporation

Reference No:- TGS083644

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Recent Questions Asked Accounting Basics

Q : How would you compare the advantages and disadvantages

Q : How much of the remaining $20,500 liability should be paid

Q : Under what circumstances would she have to file a tax return

Q : Cpu always executes the two instructions

Q : What would be the balance in the investment of s corporation

Q : What is the dollar amount that reported as a liability

Q : How many units should be produced

Q : Determine the immediate needs of their citizens

Q : Balance sheet for c-company investments

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What would be the balance in the investment of s corporation

Reference No:- TGS083644

Recent Questions Asked Accounting Basics

Q : How would you compare the advantages and disadvantages

Q : How much of the remaining $20,500 liability should be paid

Q : Under what circumstances would she have to file a tax return

Q : Cpu always executes the two instructions

Q : What would be the balance in the investment of s corporation

Q : What is the dollar amount that reported as a liability

Q : How many units should be produced

Q : Determine the immediate needs of their citizens

Q : Balance sheet for c-company investments

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