As a long- term investment at the beginning of the year, Willie Winn Track Shoes purchased 25% of Betty Will Company’s 34 million shares outstanding for $ 178 million. During the year, Betty Will earned net income of $ 130 million and distributed cash dividends of $ 1.10 per share. Required: Record for Willie Winn Track Shoes the purchase of

As a long- term investment at the beginning of the year, Willie Winn Track Shoes purchased 25% of Betty Will Company’s 34 million shares outstanding for $ 178 million. During the year, Betty Will earned net income of $ 130 million and distributed cash dividends of $ 1.10 per share.

Required:
Record for Willie Winn Track Shoes the purchase of the investment and its share of Betty Will’s net income and dividends using the equity method.

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Related Book For answer-question

Financial Accounting

3rd edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

ISBN: 978-0078025549