Homework Answers
| Jan-1 | Purchase | Investment in Fain Company stock | $300,000 | |
| Cash | $300,000 | |||
| Dec-31 | Income | Investment in Fain Company stock | $31,200 | |
| Income of Fain company | $31,200 | |||
| Dec- 31 | Dividends | Cash | $9,600 | |
| Investment in Fain Company stock | $9,600 |
Revenue from investment in Fain Company = Net income of Fain Company x Percentage of common stock acquired
= 78,000 x 40%
= $31,200
Share of dividend from Fain Company = Dividend paid by Fain Company x Percentage of common stock acquired
= 24,000 x 40%
= $9,600
Kindly comment if you need further assistance. Thanks‼!
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