Question
On January 1, 2017, Marigold Corporation purchased30% of the common shares of Swifty Company for $196,000. During the year, Swifty earned net income of $73,000and
On January 1, 2017, Marigold Corporation purchased30% of the common shares of Swifty Company for $196,000. During the year, Swifty earned net income of $73,000and paid dividends of $18,250.
Prepare the entries for Marigold to record the purchase and any additional entries related to this investment in Swifty Company in 2017.
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Accounting Information Systems Controls And Processes
Authors: Leslie Turner, Andrea B Weickgenannt, Mary Kay Copeland
4th Edition
1119577810, 9781119577812
