Business
Business, 18.02.2021 23:00, roseemariehunter12

Cayman Inc. bought 30% of Maya Company on January 1, 2021 for $450,000. The equity method of accounting was used. The book value and fair value of the net assets of Maya on that date were $1,500,000. Maya began supplying inventory to Cayman as follows: Year Cost to Maya Transfer Price Amount Held by Cayman at Year-End 2021 $ 30,000 $ 45,000 $ 9,000 2022 $ 48,000 $ 80,000 $ 20,000 Maya reported net income of $100,000 in 2021 and $120,000 in 2022 while paying $40,000 in dividends each year. What is the Equity in Maya Income that should be reported by Cayman in 2022

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Cayman Inc. bought 30% of Maya Company on January 1, 2021 for $450,000. The equity method of account...

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