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Adkins Appliances buys 10,000 shares of stock in Charlie Company for $10 per share on January 2 of the current year. Adkins owns 35% of
Adkins Appliances buys 10,000 shares of stock in Charlie Company for $10 per share on January 2 of the current year. Adkins owns 35% of Charlie Company's voting stock and intends to hold on to it for several years. On December 31, the end of the current year, Charlie Company had $200,000 in net income. What is the journal entry for Adkins Appliances to record their share of net income of Charlie Company
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