Timor company owns 30% of Sin Company, the balance of the Investment account on 1/1/2014 was...

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Timor company owns 30% of Sin Company, the balance of the Investment account on 1/1/2014 was $210,000. At the end of 2014 the net income of Sin was $ 100,000 and the annual cash dividends $40,000 ON 1/9/2014 Timor sold 15% of his share for $50,000 cash Required 1- Compute the result of the sale transaction ? 2- The journal entry for the sale of these share ? 3- The investment balance after the sale? Timor company owns 30% of Sin Company, the balance of the Investment account on 1/1/2014 was $210,000. At the end of 2014 the net income of Sin was $ 100,000 and the annual cash dividends $40,000 ON 1/9/2014 Timor sold 15% of his share for $50,000 cash Required 1- Compute the result of the sale transaction ? 2- The journal entry for the sale of these share ? 3- The investment balance after the sale?

Answer rating: 100% (QA)

1 To compute the result of the sale transaction we need to determine the original investment cost an... View the full answer