Question
janus Corp. acquired a 30% interest in west Co. on December 31, 2020, for $500,000. On September 15, 2021, west declared and paid $220,000 in
janus Corp. acquired a 30% interest in west Co. on December 31, 2020, for $500,000. On September 15, 2021, west declared and paid $220,000 in cash dividends. west reported net income for the year ended December 31, 2021, of $480,000. Prepare the journal entries for 2021 that janus would make to account for its investment in west Corp.
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
