On April 1 FRN Corporation purchased 32760 shares in CHR Ltd for 16 per share CHR Ltd had 117000 shares outstanding the purchase gave FRN significant influence over CHRs operations. On May 31 the end of CHRs fiscal year CHR reported a net income of 55900. On October 1 CHR declared a cash dividend of 077 per share. The dividend was paid on November 1. On December 31 FRNs yearend shares in CHR Ltd were trading at 11 per share. Prepare the journal entries to record the above transactions.

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April 1 FRN Corporation purchased 32760 shares in CHR Ltd for 16 per shar... View the full answer