Question
ABC Services, Inc. owns 32% of voting stock of National Investments, Inc. National Investments, Inc. declared and paid a cash dividend of $50,000 on June
ABC Services, Inc. owns 32% of voting stock of National Investments, Inc. National Investments, Inc. declared and paid a cash dividend of $50,000 on June 30, 2018, and reported net income of $320,000 on Dec 31, 2018. Please prepare both journal entries. Need explanation.
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
