Question

On January 1, 2011, Gong Corporation acquired 40 percent of the voting stock of Blue Corporation, an amount sufficient to exercise significant influence over Blue’s activities, for $4,800,000 in cash. On December 31, Gong determined that Blue paid dividends of $800,000 but incurred a net loss of $400,000 for 2011. Prepare T accounts to record this information.



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  • CreatedSeptember 10, 2014
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