For the year ended on december 31 2010 xyz had net income, Ask an Expert

Accounting

For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting. Show your calculation for the adjustments of net income.

The BV-FV difference in Plant Assets is as follows:

Land...............................$60,000
Building (20-yr life)..........80,000
Machinery (5-yr life).........50,000
Total.............................190,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M973964

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