(Answered) Market research syndicate acquired 100 shares of catskill

Finance

Market Research Syndicate acquired 100 shares of Catskill Tools for $450,000 on January 1, 2X13. During 2X13, Catskill Tools declared and paid a total of $8,000 in dividends and reported net income of $50,000. Market Research Syndicate plans on holding the investment for a long time.

1) Assuming Market Research Syndicate owns 40% of Catskill Tools, prepare journal entries for Market Research Syndicate for the following events:

a. acquisition

b. recognition of net income

c. dividends

2) Assuming Market Research Syndicate owns 10% of Catskill Tools, prepare journal entries for Market Research Syndicate for the following events:

a. acquisition

b. recognition of net income

c. dividends

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