Question
Bramble Locomotive Corporation purchased for $617,000 a 40% interest in Lopez Railways, Inc. This investment enables Bramble Locomotive to exert significant influence over Lopez Railways.
Bramble Locomotive Corporation purchased for $617,000 a 40% interest in Lopez Railways, Inc. This investment enables Bramble Locomotive to exert significant influence over Lopez Railways. During the year, Lopez Railways earned net income of $163,000 and paid dividends of $22,000. Prepare Bramble Locomotives journal entries related to this investment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record investment) (To record share in net income) (To record share in dividends
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