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Question Liberty University Portal. Hex Assignments 201720 Spring x DM Chapter

Question : Question Liberty University Portal. Hex Assignments 201720 Spring x DM Chapter : 1030655

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Liberty University Portal. Hex Assignments 201720 Spring x DM Chapter 12 c D ezto.mheducation.com/hm.tpx On January 4, 2016, Runyan Bakery paid $328 million for 10 million shares of Lavery Labeling Company common stock. The investment represents a 30% interest in the net assets of Lavery and gave Runyan the ability to exercise significant influence over Laverys operations. Runyan received dividends of $2.50 per share on December 15, 2016, and Lavery reported net income of $170 million for the year ended December 31, The market value of Lavery's common stock at December 31, 2016, was $31 per share. On the purchase date, the book value of Lavery's net assets was $820 million and: a The fair value of Laverys depreciable assets, with an average remaining useful life of six years, exceeded their book value million. b. The remainder of the excess of the cost of the investment over the book value of net assets purchased was attributable to goodwill. Required 1. Prepare all appropriate journal entries related to the investment during 2016, assuming Runyan accounts for this investment by the equity method. (If no entry is required for a select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10).) view transaction list view general journal Journal Entry Worksheet Record the purchase of Lavery Labeling stock for s328 million. General Journal Debit Credit "Enter debits before credits

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