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On February 2, 2013, MBH Inc. acquired 30% of the voting common stock of Construction Corporation as a long-term investment. Data from Construction Corporation's financial
On February 2, 2013, MBH Inc. acquired 30% of the voting common stock of Construction Corporation as a long-term investment. Data from Construction Corporation's financial statements for the year ended December 31, 2013, include the following:
Net income $150,000
Dividends Paid 75,000
Required:
Prepared any necessary journal entries for MBH at December 31, 2013, under the equity method of accounting for investments.
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Accounts | Debit | Credit |
Accounting
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