Solved: Charlie co owns 30 of the voting common stock of turf, Accounting Basics

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Charlie co owns 30 of the voting common stock of turf

Question - Charlie Co. owns 30% of the voting common stock of Turf Services Inc. Charlie uses the equity method to account for its investment. On January 1, 2011, the balance in the investment account was $624,000. During 2011, Turf Services reported net income of $120,000 and paid dividends of $30,000.

What is the balance in the investment account as of December 31, 2011?

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Accounting Basics: Charlie co owns 30 of the voting common stock of turf

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Accounting Basics: Charlie co owns 30 of the voting common stock of turf

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