CourseLover

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    Devry University
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Category > Business & Finance Posted 08 Dec 2017 My Price 10.00

general journal entries for ABC Company.

On January 1, 2016, ABC Company purchased 10,000 shares of the stock of Ronco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $80,000, and represents a 30% ownership stake. Ronco made $20,000 of net income in 2014, and paid dividends of $10,000. The price of Ronco's stock increased from $8 per share at the beginning of the year, to $10 per share at the end of the year.

  1. Prepare the January 1 and December 31 general journal entries for ABC Company.
  2. How much should the ABC Company report on the balance sheet for the investment in Ronco at the end of 2016?

Answers

CourseLover
(12)
Status NEW Posted 08 Dec 2017 02:12 PM My Price 10.00

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