Question
On January 1, 2014, Pennington Corporation purchased 30% of the common shares of Edwards Company for $248,000. During the year, Edwards earned net income of
On January 1, 2014, Pennington Corporation purchased 30% of the common shares of Edwards Company for $248,000. During the year, Edwards earned net income of $99,200 and paid dividends of $24,800. Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2014.
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Auditing Derivative Strategies
Authors: Barbara Davison
1st Edition
0894134434, 978-0894134432
