On January 1, 20Y5, a corporation purchased 35% of Showmans outstanding stock for $25,000. For the 20Y5
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On January 1, 20Y5, a corporation purchased 35% of Showman’s outstanding stock for $25,000. For the 20Y5 calendar year-end, Showman earned net income of $90,000 and paid $45,000 of total dividends on September 30, 20Y5. Prepare the journal entries required for the year to record the changes in the investment account balance. Also, determine the ending balance on December 31, 20Y5.
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