On January 1, Hillard Corporation purchased a 40 equity in Lewis Company for $360,000 At December 31, Lewis declared and paid a $40,000 cash dividend and reported net income of $98,000 Prepare the necessary journal entries for Hillard Corporation ...

Date Particular Dr Cr 1Jan Stock Investment 360000 cash 360000 31Dec Cash ...

On January 1, Hillard Corporation purchased a 40% equity in Lewis Company for $360,000. At December 31,

Question:

On January 1, Hillard purchased a 40% equity in Lewis Company for $360,000. At December 31, Lewis declared and paid a $40,000 cash and reported net income of $98,000. Prepare the necessary journal entries for Hillard Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...