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please help *OMR is the currency* On January 1, 2015, Company A with year- end on December 31 every year has acquired 5 percent of
please help *OMR is the currency*
On January 1, 2015, Company A with year- end on December 31 every year has acquired 5 percent of the voting shares of Company B for OMR 2 per share. Company B had total 1,000,000 outstanding shares at that time. The investment is classified as available for sale. Company B Shares are not traded in an active market. During the year ending December 31, 2015, Company B Net income is Nil and pays dividend of OMR 20,000. During the year ending December 31, 2016 net income is OMR 20,000 but Company B pays dividend of OMR 40,000. On December 31, 2017 there was OMR 30,000 as net income and dividend paid by Company B is OMR 8,000. Journal entries needs to be passed in the books of Company A for 2015, 2016, and 2017Step by Step Solution
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