Solved: On december 31 2010 ace had 250 shares of common stock, Financial Accounting

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On december 31 2010 ace had 250 shares of common stock

On July 1, 2010, Balt Co. exchanged a truck for twenty-five shares of Ace Corp.'s common stock. On that date, the truck's carrying amount was $2,500, and its fair value was $3,000. Also, the book value of Ace's stock was $60 per share. On December 31, 2010, Ace had 250 shares of common stock outstanding and its book value per share was $50.

What amount should Balt report in its December 31, 2010 balance sheet as investment in Ace?

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Financial Accounting: On december 31 2010 ace had 250 shares of common stock

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Financial Accounting: On december 31 2010 ace had 250 shares of common stock

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