eBook Show Me How Equity investments: 20%-50% ownership On January 2, 2014, Whitworth Company acquired 40%...

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eBook Show Me How Equity investments: 20%-50% ownership On January 2, 2014, Whitworth Company acquired 40% of the outstanding stock of Aloof Company for $290,000. For the year ended December 31, 2014, Aloof Company earned income of $75,000 and paid dividends of $23,000. On January 31 20YS, Whitworth Company sold all of its investment in Aloof Company stock for $308,800. Journalize the entries for Whitworth Company for the purchase of the stock, the share of Aloof income, the dividends received from Aloof Company, and the sale of the Aloof Company stock. If an amount box does not require an entry, leave it blank. Jan. 2, 2014 Purchase Dec. 31, 2014- Income Dec. 31, 2014 Dividends Jan. 31, 2015 - Sale eBook Show Me How Equity investments: 20%-50% ownership On January 2, 2014, Whitworth Company acquired 40% of the outstanding stock of Aloof Company for $290,000. For the year ended December 31, 2014, Aloof Company earned income of $75,000 and paid dividends of $23,000. On January 31 20YS, Whitworth Company sold all of its investment in Aloof Company stock for $308,800. Journalize the entries for Whitworth Company for the purchase of the stock, the share of Aloof income, the dividends received from Aloof Company, and the sale of the Aloof Company stock. If an amount box does not require an entry, leave it blank. Jan. 2, 2014 Purchase Dec. 31, 2014- Income Dec. 31, 2014 Dividends Jan. 31, 2015 - Sale