On January 1, 2013, Company X with year-end on December 31 every year has acquired 20 percent of the voting shares of Company Y for OMR 3 per share. Company Y had total 10,000,000 outstanding shares at that time. The investment is classified as available for sale. Company Y Shares are not traded in an active market.

During the year ending December 31, 2013, Company Y Net income is OMR 1,000,000 but pays dividend of OMR 1,200,000. During the year ending December 31, 2014 net income is OMR 500,000 and Company Y pays dividend of OMR 400,000. On December 31, 2015 net income is Nil but still dividend paid by Company Y is OMR 800,000.

Journal entries are required to be passed in the books of Company X for 2013, 2014, and 2015.