Homework Answers
Solution:
% shareholding acquired by Gioia in Tristezza = 19875/74000 = 26.9%
| Journal Entries - Gioia Company | |||
| Date | Particulars | Debit | Credit |
| 10-Jan | Equity Investment dr | $198,750.00 | |
| To Cash | $198,750.00 | ||
| (To record investment in shares of Tristezza) | |||
| 31-Dec | Equity Investment dr ($83,000*26.9%) | $22,327.00 | |
| To Investment income | $22,327.00 | ||
| (To record share of income) | |||
| 31-Dec | Dividend receivables Dr | $11,925.00 | |
| To Equity investment | $11,925.00 | ||
| (To record share of dividend) | |||
| 31-Dec | Cash Dr | $11,925.00 | |
| To Dividend receivables | $11,925.00 | ||
| (To record dividend received) | |||
| 31-Dec | No Journal entry required | ||
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