(Answered) Question - heidebrecht design acquired 30 of the

Accounting

Question - Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2015, by paying $856,000 for the 42,800 shares. Quayle declared and paid $0.40 per share cash dividends on March 15, June 15, September 15, and December 15, 2015. Quayle reported net income of $301,400 for the year. At December 31, 2015, the market price of Quayle common stock was $26 per share.

Prepare the journal entries for Heidebrecht Design for 2015, assuming Heidebrecht Design can exercise significant influence over Quayle. Use the equity method.

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