DeRozen Company purchases 1,000 common shares (40%) of Tours of Toronto Incorporated as a long-term investment for
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DeRozen Company purchases 1,000 common shares (40%) of Tours of Toronto Incorporated as a long-term investment for $100,000 cash on July 1. Tours of Toronto paid $15,000 in total cash dividends on November 1 and reported net income of $150,000 for the year ended December 31. Prepare DeRozen's journal entry to record the December 31 year-end adjustment for its share of Tours of Toronto's net income.
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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