Equity Method On January 2, Yorkshire Company acquired 29% of the outstanding stock of Fain Company...
Equity Method
On January 2, Yorkshire Company acquired 29% of the outstanding stock of Fain Company for $420,000. For the year ended December 31, Fain Company earned income of $109,000 and paid dividends of $34,000.
Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.
| Jan. 2 - Purchase | Investment in Fain Company Stock | ||
| Cash | |||
| Dec. 31 - Income | Investment in Fain Company Stock | ||
| Income of Fain Company | |||
| Dec. 31 - Dividends | Cash | ||
| Investment in Fain Company Stock |
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Equity Method
On January 2, Yorkshire Company acquired 29% of the outstanding
stock of Fain Company...
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