Question
On January 1, 2017, Vaughn Corporation purchased 30% of the common shares of BrambleCompany for $177,000. During the year, Bramble earned net income of $77,000
On January 1, 2017, Vaughn Corporation purchased 30% of the common shares of BrambleCompany for $177,000. During the year, Bramble earned net income of $77,000 and paid dividends of $19,250. Prepare the entries for Vaughn to record the purchase and any additional entries related to this investment in Bramble Company in 2017
| Account Titles and Explanation | Debit | Credit |
| (To record purchase of stock.) | ||
| (To record receipt of dividends.) | ||
| (To record revenue.) |
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ISO IEC 27001 Lead Auditor Mastering ISMS Audit Techniques
Authors: Dr Tamuka Maziriri
1st Edition
107903160X, 978-1079031607
