To acquire Gaines Corporation stock, Palmer Co. pays $61,500 in cash. What entry should be made for

Question:

To acquire Gaines stock, Palmer Co. pays $61,500 in cash. What entry should be made for this investment, assuming the stock is readily marketable?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...