Question
.E17-17 (Equity Method) on January1, 2014, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net
.E17-17 (Equity Method) on January1, 2014, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net income of $80,000 and paid dividends of $20,000. Instructions Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2014.
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Introduction To Financial Accounting
Authors: Charles T Horngren, Gary L Sundem
10th Edition
136122973, 978-0136122975
