Question: On January 2 2014 Balla Corp paid cash of 1 200 000
On January 2, 2014, Balla Corp. paid cash of $1,200,000 to acquire 704,000 of Dofasco Inc.’s 3,200,000 outstanding common shares. Assume that Balla has significant influence over Dofasco as a result. On March 15, 2014, Dofasco paid dividends of $0.20 per common share and on December 31, 2014, it reported a net loss of $1,675,000 for 2014. Prepare Balla’s entries on January 2, March 15, and December 31.
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