Recording Equity Method Securities Transactions
On January 1, 20 11 . PurchaseAgent.com acquired 30 percent (1,200,000 shares) of the common stock of E-Transaction Corporation. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2011 for PurchaseAgent.com:
July 2 | E-Transaction declared and paid a cash dividend of $4 per share. |
Dec. 31 | E-Transaction reported net income of $250,000. |
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