Cleaverland purchased 100% of Omaha on January 1, 2019 for $650,000. On that date, Omaha's stockholders' equity was $650,000, and the recognized book values of Ottowa’s individual net assets approximated their fair values. Omaha had net incomes of $150,000 and $190,000 for 2019 and 2020, respectively. The subsidiary paid dividends amounting to $30,000 in both years. Cleaverland uses the equity method to account for its pre-consolidation investment in Omaha. What was the balance in Equity Investment at December 31, 2020?

$960,000

Explanation:

The balance in equity investment made by Cleaverland in Omaha as at December 31, 2020 shall be determined using the following method:

Purchased price of Cleaverland as at January 1, 2019    $650,000

Net income for the year 2019                                            $150,000

Net income for the year 2020                                           $190,000

Less: Dividend paid by Omaha to Cleaverland                ($30,000)

Balance as at December 31, 2020                                   $960,000

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.