On january 1, 2018, pacer company paid $1,920,000 for 60,000 shares of lennon co.’s voting common stock which represents a 45% investment. no allocation to goodwill or other specific account was necessary. significant influence over lennon was achieved by this acquisition. lennon distributed a dividend of $2.50 per share during 2018 and reported net income of $670,000. what was the balance in the investment in lennon co. account found in the financial records of pacer as of december 31, 2018?
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On january 1, 2018, pacer company paid $1,920,000 for 60,000 shares of lennon co.’s voting common st...
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