On January 2, Bassett Company acquired 30% of the outstanding stock of Nassim Company for $400,000. For

Question:

On January 2, Bassett Company acquired 30% of the outstanding stock of Nassim Company for $400,000. For the year ending December 31, Nassim Company earned income of $110,000 and paid dividends of $46,000. Prepare the entries for Bassett company for the purchase of the stock, share of Nassim income, and dividends received from Nassim Company.