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Current Attempt in Progress Information pertaining to stock investments 2022 by Blossom Corporation follows: Acquired 17% of the 270,000 shares of common stock of
Current Attempt in Progress Information pertaining to stock investments 2022 by Blossom Corporation follows: Acquired 17% of the 270,000 shares of common stock of Crane Company at a total cost of $11 per share on January 1, 2022. On July 1, Crane Company declared and paid a cash dividend of $1.90 per share. On December 31, Crane reported net income was $750,000 for the year. Obtained significant influence over Cullumber Company by buying 34% of Cullumber's 145,000 outstanding shares of common stock at a total cost of $30 per share on January 1, 2022. On June 15, Cullumber Company declared and paid a cash dividend of $2.50 per share. On December 31, Cullumber's reported net income was $338,000. Prepare all necessary journal entries for 2022 for Blossom Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record purchase of Crane Company stock) (To record purchase of Cullumber Company stock) Debit Credit
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