On January 1. 2003, Ubuy.com acquired 25 percent ( 10,000 shares) of the common stock of E-Net
Question:
On January 1. 2003, Ubuy.com acquired 25 percent ( 10,000 shares) of the common stock of E-Net Corporation. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2003:
July 2 E-Net declared and paid a cash dividend of $3 per share.
Dec. 3 1 E-Net reported net income of $200,000.
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