Roberts owns 50% of Smith at has a balance in the investment account of $200,000 at December
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Roberts owns 50% of Smith at has a balance in the investment account of $200,000 at December 31, 2015. On January 1, 2016 Roberts purchases an additional 10% ownership in Smith for $70,000. Roberts will Dr. Investment in Smith for $70,000 and credit cash for $70,000. What additional entry will Roberts be required to make to reflect the increase in ownership.
Related Book For
Intermediate Accounting
ISBN: 978-1259548185
8th edition
Authors: David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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