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On January 2, 2018, Killeen Nurseries Inc. bought 5% of Creasote's capital stock for $103 million. Creasotes's net income for the year ended December
On January 2, 2018, Killeen Nurseries Inc. bought 5% of Creasote's capital stock for $103 million. Creasotes's net income for the year ended December 31, 2018, was $133 million. The fair value of the shares held by Killeenn was $124 million at December 31, 2018. During 2018, Creasote declared a dividend of $66 million. If no entry is neded, place NIA on Journal. Required: 1. Prepare all appropriate journal entries related to the investment Event General Journal Debit 1 2 Investment Investment Cash To record initial investment Income? N/A Credit
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Financial Reporting And Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
8th Edition
1260247848, 978-1260247848
