Question

On March 5, Year 2, On March 5, Year 2, Bellows sold all 400,000 shares of its Parade stock for $20 per share. Prepare the journal entry required to record this transaction and update the appropriate T- accounts

Parade Corp. had S10,000,000 in its Cash account on January 1, Year 1. On January 2, Year 1, Parade Corp. paid $5,000,000 cash to acquire 400,000 shares of stock in Band Corp. These shares represent 40% of Band Corp.'s total outstanding stock. Parade accounted for this acquisition using the equity method. Prepare the journal entry required to record this transaction and, after entering the beginning Cash account balance, post it to the appropriate T-accounts: 1. Parade Corp. had S10,000,000 in its Cash account on January 1, Year 1. On January 2, Year 1, Parade Corp. paid $5,000,000 cash to acquire 400,000 shares of stock in Band Corp. These shares represent 40% of Band Corp.'s total outstanding stock. Parade accounted for this acquisition using the equity method. Prepare the journal entry required to record this transaction and, after entering the beginning Cash account balance, post it to the appropriate T-accounts: 1