Question: On January 2 2014 Nassau Corp paid 500 000 cash to
On January 2, 2014, Nassau Corp. paid $500,000 cash to acquire 10,000 of Suffolk Corporation’s 40,000 outstanding common shares. Assume that Nassau has significant influence over Suffolk as a result. On October 12, 2014, Suffolk Corp. paid a $100,000 dividend and on December 31, 2014, it reported net income of $400,000 for 2014. Prepare Nassau’s entries on January 2, October 12, and December 31.
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