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need help with dividend and net income entries On January 1, 2017, Grouper Corporation purchased 40% of the common shares of River Company for $360,000.
need help with dividend and net income entries
On January 1, 2017, Grouper Corporation purchased 40% of the common shares of River Company for $360,000. During the year, River earned net income of $130,000 and paid dividends of $36,000 Prepare the entries for Grouper to record the purchase and any additional entries related to this investment in River Company in 2017. (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 O for the amounts.) Account Titles and Explanation Debit Credit Equity Investments 360000 Cash 360000 To record purchase) Cash Equity Investments (To record share of dividend) Equity Investments Investment Income (To record share of net income)Step by Step Solution
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