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On June 1, 2020, Uno inc acquired 1,500 shares of stone ltd for $100,000. this investment represents, a 12% interest in stone ltd. Uno Inc
On June 1, 2020, Uno inc acquired 1,500 shares of stone ltd for $100,000. this investment represents, a 12% interest in stone ltd. Uno Inc has classified this investment as FVTOCI. On December 31,2020, Stone Ltd. Paid a $50,000 dividend to its shareholders. At May 31, 2021 Stone Ltds shares were valued at $40 per share and Uno Ltd reported a net loss of $50,000 for the year. On June 30, 2021 Smith inc sold the shares for $50,000z both Uno inc and stone Ltd have may 31, 2021 year ends. Prepare a Journal Entries from acquisition to disposal.
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