Accounting for business combination

Give the journal entries in 20X2 that Profound Corporation made under the cost, equity and fair value methods.

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Review Problem (Ch. 2) Profound Corporation purchased 24,000 shares, representing 30% ownership, of Simple Company's common stocks in January 20x1 for $360,000 cash. At the date of purchase, Simple had net assets recorded at si, 200,000. At the end of 20x1 (20x2) Simple's shares were traded at $17 ($14) per share. The companies reported the following operating results and dividends for the two years following the date of Simple purchase: Profound Net income Dividends Operating income Dividends 200,000 300,000 120,000 20X1 200,000 240,000 400,000 170,000 20X2 200,000