On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400....

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On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date > Account Titles and Explanation (To record dividends received) (To record share of net income) List of Accounts Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date > Account Titles and Explanation (To record dividends received) (To record share of net income) List of Accounts Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer

Answer rating: 100% (QA)

The necessary journal entries for Larkspur Corporation would be as ... View the full answer