Question: Miller corporation acquired 30% of the outstanding common stock of Crowell Corporation for $160,000 on January 1, 2016, and obtained significant influence. the purchase price of the shares was equal to their book value. During 2016, the following information is available for Crowell:
Mar. 31 Declared and paid a cash dividend of $50,000
June 30 Reported semiannual earnings of $120,000 for the first half of 2016
Sept. 30 Declared and paid a cash dividend of $50,000
Dec. 31 Reported semiannual earnings of $14,000 for the second half of 2016
Required: 1. Prepare journal entries for Miller to reflect the preceding information
2. What is the balance in Miller's investment account on December 31, 2016? Show your computatios.