On January 2, 2023, Nassau Travel Corp. paid $500,000 cash (including transaction fees of $50) to acquire

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On January 2, 2023, Nassau Travel Corp. paid $500,000 cash (including transaction fees of $50) 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, 2023, Suffolk Corp. paid a $100,000 dividend and on December 31, 2023, it reported profit of $400,000 for 2023. 

Prepare Nassau’s entries on January 2, October 12, and December 31.

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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