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2020 Final Version B.docx Insert Layout References Review View Help Open in Desktop App Tell me what you want to do Editing Palatino Linoty... 11
2020 Final Version B.docx Insert Layout References Review View Help Open in Desktop App Tell me what you want to do Editing Palatino Linoty... 11 " B T U ON A A E Edir Page Break Question 2 (25 marks) Unit 8 - Investments The Trendy Clothing Corporation reported the following transactions for the year 2019: Jan. 1Purchased 35% of the common shares of Cool Hoodies Corporation for $550,000 This is a long-term investment giving Trendy Clothing significant influence over the operations of Cool Hoodies. Sept. 30Received a $34.000 dividend on the Cool Hoodies Corporation stock. Dec. 31Cool Hoodies Corporation reported net income of $167,500 for the year ended December 31, 2019. Dec. 31Trendy Clothing sold 50% of the Cool Hoodies shares for $300,000. Prepare journal entries to record all the above events for the Trendy Clothing Corporation. Credit Debit 550000 Jan 1 Common shear To Bank 550000 34000 Sept 30 1009 34000 cash To hoodeis coperation ds English (US)
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