On January 1, 2018 Walmart purchased 10,000 shares of Litmas companyCommon stock for 80 per share...

On January 1, 2018 Walmart purchased 10,000 shares of Litmas companyCommon stock for 80 per share on August 1, 2018 litmas company Paid a two dollar per share cash dividend to stockholders on December 31, 2018 litmas companyReports net income of 800,000 for 2018 assume litmas company Has 40,000 shares of voting stock outstanding during 2018 and Walmart has significant influence over litmas company.

1.) 1/1/18 purchase

2.) 8/1/18 dividend

3.) 12/31/18 net income

What will the amount of walmarts investment be in litmas company on 12/31/18

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Expert Solution

ekkarill92 answered 1 year ago

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