Question
On January 1, 2015, BeWell Company purchased 30% of common stock of DoingWell Co for $450,000 DoingWell reported net income of $27,000 for the year
On January 1, 2015, BeWell Company purchased 30% of common stock of DoingWell Co for $450,000 DoingWell reported net income of $27,000 for the year and paid dividends of $ &9,000. BeWell appropriately uses equity method to record investment in Doing Well.
Prepare the appropriate journal entries on Jan 1, 2015 and December 31, 2015 to record the above transactions.
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Accounting Information Systems
Authors: Robert Hurt
2nd Edition
78111056, 978-0078111051
