The Trump Companies Inc. has ownership interests in several public companies. At the beginning of 2011, the
1. Prepare the journal entry to record the change in principle.
2. Briefly describe other steps Trump should take to report the change.
3. Suppose Trump is changing from the equity method rather than to the equity method. How would your answers to requirements 1 and 2 differ?
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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