Business, 08.10.2019 01:20, daniecott

Dodge, incorporated acquires 15% of gates corporation on january 1, 2011, for $105,000 when the book value of gates was $600,000. during 2011 gates reported net income of $150,000 and paid dividends of $50,000. on january 1, 2012, dodge purchased an additional 25% of gates for $200,000. any excess cost over book value is attributable to goodwill with an indefinite life. the fair-value method was used during 2011 but dodge has deemed it necessary to change to the equity method after the second purchase. during 2012 gates reported net income of $200,000 and reported dividends of $75,000. the income reported by dodge for 2012 with regard to the gates investment isa. $80,000. b. $30,000. c. $50,000. d. $15,000. e. $75,000.

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Dodge, incorporated acquires 15% of gates corporation on january 1, 2011, for $105,000 when the book...