On January 1, 2024, Gilly Incorporated acquired 30% of the outstanding common shares of Tuna Company Ltd.
Question:
On January 1, 2024, Gilly Incorporated acquired 30% of the outstanding common shares of Tuna Company Ltd. The details of the acquisition and the earnings for Tuna are as follows:
Assume that the net assets’ fair market value on January 1, 2024, was equal to their carrying amounts.
Required
Prepare the journal entries that Gilly will make in 2024 to account for this investment assuming it uses the equity method.
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Related Book For 
Understanding Financial Accounting
ISBN: 9781119715474
3rd Canadian Edition
Authors: Christopher D. Burnley
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