Chapter $8$ Assignment $($i

ChatG..

Saved...

Gator...

Plan &$..$

Netflix

Saved

You skipped this question in the previous attempt.

$4$

On January $1,$ Lifestyle Pools purchased $30\%$ of Marshall Fence's common stock for $$660,000$ cash. By the end of the year, Marshall Fence reported net income of $$156,000$ and paid dividends of $$56,000$ to all shareholders.

Required:

For Lifestyle Pools, record the initial purchase and its share of Marshall Fence's net income and dividends for the year. Note: If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.

Journal entry worksheet

$(\frac{1}{2})3$

Record the purchase of the investment.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,,,],[,,,],[,,,],[,,,]]$