Homework Answers
Solution:
| Journal Entries - Ivanhoe Company | ||||
| Event | Date | Particulars | Debit | Credit |
| 1 | 1-Jan-22 | Investment in Grinworld Inc. Dr | $2,250,000.00 | |
| To Cash | $2,250,000.00 | |||
| (To record investment in grinworld) | ||||
| 2 | 30-Jun-22 | Cash Dr | $75,000.00 | |
| To Investment in Grinworld Inc. | $75,000.00 | |||
| (To record share of dividend) | ||||
| 3 | 31-Dec-22 | Cash Dr | $75,000.00 | |
| To Investment in Grinworld Inc. | $75,000.00 | |||
| (To record share of dividend) | ||||
| 4 | 31-Dec-22 | Investment in Grinworld Inc. Dr | $300,000.00 | |
| To Investment Income | $300,000.00 | |||
| (To record share of income in Grinworld) | ||||
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