Pelican Corporation acquired a 25% interest in Seafare Incorporated at book value several years ago. Seafare declared $100,000 in dividends in 2019 and reported its income for the year as follows:

Income from continuing operations $600,000

Profit on discontinued division 100,000

Net income $700,000

Required:

1. Prepare the entry to record the dividends declared in 2019.
2. Prepare the entry to record the Seafare income information for 2019.

Answer rating: 100% (QA)

Answer General Journal Debit Cre... View the full answer