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On January 1, 2006 Finch corporation owned a 90% interest in Nest Corporation at which time the investment in Nest account had a balance of $350,000
On January 1, 2006 Finch corporation owned a 90% interest in Nest Corporation at which time the investment in Nest account had a balance of $350,000 which was 90% of Nest's $370,000 in stockholder's Equity and $17,000 of goodwill. During 2006, Nest had income of $35,000 and paid dividends of $3,000 on June 1 and another $3,000 on November 1 on May 1, 2006 Finch sold one fifth of it interest in nest for $92,000 if the beginning of the period sales assumption is used the balance in the Investment in Nest account of December 31, 2006 is