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Prime Industries Acquired a 70 Percent Interest in Suburbia Company

question 28

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Prime Industries acquired a 70 percent interest in Suburbia Company by purchasing 14,000 of its 20,000 outstanding shares of common stock at book value of $210,000 on January 1, 2016. Suburbia reported net income in 2016 of $90,000 and in 2017 of $120,000 earned evenly throughout the respective years. Prime received $24,000 dividends from Suburbia in 2016 and $36,000 in 2017. Prime uses the equity method to record its investment. The balance of Prime's Investment in Suburbia account at December 31, 2017 is:

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Definitions:

Member Visits

Occasions when individuals go to see or spend time at a place, often referring to visits to a club, organization, or group they belong to.

Undoing Hypothesis

A theoretical concept suggesting that individuals can nullify a psychological or moral impact of a negative action by engaging in another action that counters the first.

Shared Anxiety

Anxiety experienced collectively among a group of individuals, often due to a common concern or threat.

Stressor

Any event or situation that causes stress, triggering a physical, mental, or emotional response.

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