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$1,000,000. Any excess of cost over book value was assigned to goodwill. During 2013, Sleat paid dividends of $24,000 and reported a net loss of $140,000. What is the balance in the investment account on December 31, 2013

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abiolataiwo2015

Answer:

$950,800

Explanation:

Calculation for What is the balance in the investment account on December 31, 2013

Investment account balance=$1,000,000-(30%*$140,000)-(30%*$24,000)

Investment account balance=$1,000,000 - $42,000 - $7,200

Investment account balance= $950,800

Therefore the balance in the investment account on December 31, 2013 will be $950,800

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