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On January 1, 2021. Corzine Inc. acquired 15% of Hammon Co.'s outstanding common stock for $62.400 and did not exercise significant influence. Hammon earned net
On January 1, 2021. Corzine Inc. acquired 15% of Hammon Co.'s outstanding common stock for $62.400 and did not exercise significant influence. Hammon earned net Income of 596,000 in 2021 and paid dividends of $36,000. The fair value Corzine's investment was $80,000 at December 31, 2021. All companies involved have a December 3150 year end REQUIRMENT: Prepare all of Corine's 2021 journal entries to apply the appropriate method to this investment Format of answer: In a professional accounting format requiring (1) Description/Date:(2) Respective DR for DEBIT CR and CREDIT in front of ACCOUNT.(3) use the proper accountname used in this course/textbook.(4.places dollar amount Example: 12/31/2000 Recognize Pension Expense DR. Pension Expense 1.000 CR Pension Liability 1.000 TT T Arial 3 (12pt T. E
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