Question
Entries for equity investment of between 20%50% ownership Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1,
Entries for equity investment of between 20%50% ownership
Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, 20Y3. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31, 20Y3:
| 20Y3 | |
| Jan. 25 | Purchased 70,000 shares of Helsi Co. common stock for $610,000. There are 200,000 shares of Helsi Co. stock outstanding. |
| Dec. 31 | Received $18,000 of cash dividends on Helsi Co. stock. Helsi Co. reported net income of $74,000 in 20Y3. |
Required:
| Dec. 31-Dividends | Cash | fill in the blank 8 | fill in the blank 9 |
| Investment in Helsi Co. Stock | fill in the blank 11 | fill in the blank 12 |
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Fundamentals of Advanced Accounting
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik
7th edition
978-1259722639
