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Accounting

Q1) On January 1, 2009, Parchment Co. owned 85% of common stock of Silky Co. On that date, Silky's stockholders' equity accounts had given balances:

Common stock ($5 Par value)	$250,000
Additional paid in capital	105,000
Retained Earnings	315,000
Total Stockholders' Equity	$670,000

Balance in Parchment's Investment in Silky Co. account was $642,500. On January 1, 2009, Silky Co. sold 10,000 shares of previously unissued common stock for $15 per share. Parchment acquired 1,000 of these shares.

Make the entry Parchment needs to create and find out balance in Parchment's investment in Silky account.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M917940

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