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Franklin purchases 40 percent of johnson company on january 1 for $500,000. although franklin did not use it, this acquisition gave franklin the ability to apply significant influence to johnson’s operating and financing policies. johnson reports assets on that date of $1,400,000 with liabilities of $500,000. one building with a seven-year remaining life is undervalued on johnson’s books by $140,000. also, johnson’s book value for its trademark (10-year remaining life) is undervalued by $210,000. during the year, johnson reports net income of $90,000 while declaring dividends of $30,000. what is the investment in johnson company balance (equity method) in franklin’s financial records as of december 31
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Franklin purchases 40 percent of johnson company on january 1 for $500,000. although franklin did no...
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