Rowan Co. purchases 100 common shares (40%) of JBI Corp. as a long-term investment for $500,000 cash
Question:
Rowan Co. purchases 100 common shares (40%) of JBI Corp. as a long-term investment for $500,000 cash on July 1. JBI paid $5,000 in total cash dividends on November 1 and reported net income of $100,000 for the year. Prepare Rowan’sentries to record
(1) The purchase of JBI shares,
(2) The receipt of its share of JBI dividends,
(3) The December 31 year-end adjustment for its share of JBI net income.
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1 July 1 Equity Method Investments 500000 Cash 500000 Record ...View the full answer
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