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On January 1, Sunland Corporation purchased a 25% equity investment in Carla Vista Corporation for $456,000. On December 31, Carla Vista paid a $14,700 dividend
On January 1, Sunland Corporation purchased a 25% equity investment in Carla Vista Corporation for $456,000. On December 31, Carla Vista paid a $14,700 dividend and reported a net profit of $91,500. The fair value of the shares on December 31 was $425,000.
Record the above transactions and events. (If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit > (To record dividend received from associates)
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