Question: can you help me with that question please :) P2-28. Retroactive Recognition investee Idle Corporation has been acquiring shares of Fast Track Enterprises at book

 can you help me with that question please :) P2-28. Retroactive

can you help me with that question please :)

Recognition investee Idle Corporation has been acquiring shares of Fast Track Enterprises

P2-28. Retroactive Recognition investee Idle Corporation has been acquiring shares of Fast Track Enterprises at book value for the last investor several years. Data provided by Fast Track included the following: 20X2 20X3 20X4 20X5 Net Income $40,000 $60,000 $40,000 $50,000 Dividends 20,000 20,000 10,000 20,000 X Fast Track declares and pays its annual dividend on November 15 each year. Its net book value on January 1, 20X2, was $250,000. Idle purchased shares of Fast Track on three occasions: Percent of Ownership Date Purchased Amount Paid January 1, 20X2 10% $25,000 July 1, 20X3 5 15,000 January 1, 20X5 10 34,000 Required Give the journal entries to be recorded on Idle's books in 20X5 related to its investment in Fast Track

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