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gee Corp. acquired a 25% interest in Trent Co. on January 1, 2010, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2010, Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. At the end of 2010, the fair value of shares were 600,000
Prepare journal entries for the same information given above, Except that Agee Corp. acquired a 10% interest in Trent Co. and reports the securities as available for sale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M942718

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