During each of the next two years warner declared and paid, Ask an Expert

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On january 4, 2007 larsen company purchased 5,000 shares of warner company for $59,500 plus a brokers fee of $1,000. warner company has a total of 25,000 shares of common stock outstanding and its presumed that larsen company will have a significant influence over warner. During each of the next two years, warner declared and paid cash dividends of $0.85 per share, and its net income was $72,000 and $67,000 for 2007 and 2008, respectively. The January 12, 2009, entry to record the sale of 3,000 shares of warner company stock for $39,000 cash should be?

Please show me how to make this entry!

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9413085

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