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On January 1, Year 5, Blake Corporation purchased 25% of the outstanding common shares of Stergis Limited for $1,950,000 The following relates to Stergis since
On January 1, Year 5, Blake Corporation purchased 25% of the outstanding common shares of Stergis Limited for $1,950,000 The following relates to Stergis since the acquisition date YearNet Income Year 5 Year 6 Other Comprehensive Income $11,800 31,200 Dividends Paid $54,600 156,000 $78,000 78,000 Required (a) Assume that Blake is a public company and the number of shares held by Blake is enough to give it significant influence over Stergis. Prepare all the journal entries that Blake should make regarding this investment in Year 5 and Year 6 Date January 1, Year 5 General Journal Debit Credit (Click to select) (Click to select) To record purchase of 25% of Stergis December 31, Year 5 (Click to select) (Click to select) To record 25% of Stergis's Year 5 net income (Click to select) (Click to select) To record 25% of Stergis's Year 5 OCI (Click to select) (Click to select) To record 25% of Stergis's Year 5 dividends
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