Thomas Inc. had the following stockholders' equity accounts as of January 1, 2011:
Kuried Co. acquired all of the voting common stock of Thomas on January 1, 2011, for $20,656,000. The preferred stock remained in the hands of outside parties and had a fair value of $3,060,000. A database valued at $656,000 was recognized and amortized over five years.
During 2011, Thomas reported earning $630,000 in net income and paid $504,000 in total cash dividends. Kuried used the equity method to account for this investment.
What was Kuried's balance in the Investment in Thomas Inc. account as of December 31, 2011?
Definitions:
Q18: Pell Company acquires 80% of Demers Company
Q38: When Jolt Co. acquired 75% of the
Q39: Cleary, Wasser, and Nolan formed a partnership
Q41: If a subsidiary reacquires its outstanding shares
Q50: Pell Company acquires 80% of Demers Company
Q76: Which of the following internal record-keeping methods
Q79: Boerkian Co. started 2011 with two assets:
Q81: The financial statements for Jode Inc. and
Q81: Panton, Inc. acquired 18,000 shares of Glotfelty
Q102: Lisa Co. paid cash for all of