exercis 17-17 Or January 1 2017, penning on Co p ratio\" purchesed 30 cf the com
ID: 2538838 • Letter: E
Question
exercis 17-17 Or January 1 2017, penning on Co p ratio" purchesed 30 cf the common shares of EthwardsCompany fur S 18 000 Dunng the yr, EdKarus rned net n rme uf $UU UU nd gad dividends uf 20 Prenare tha entriss ar Penningren to eard the purchasa and any addicional entrias relatad to this investment in Edwards Company in 2017. (Credvt account tties are automatically Indantad when amount is anterad. Do not indent manualy. for th account titles nd enter 0 for the mounts.) no entry is requirad, selact "No Entry" Account Tites and Explanation lo recrd purd ase uf stuck) To record eceit of drvidends) Click if you would like to Show Work for this question: ren Shaw WarkExplanation / Answer
Journal entry :
Date accounts & explanation debit Credit Investment in Edward Company 180000 Cash 180000 (To record purchase of dividend) Cash (20000*30%) 6000 Investment in Edward Company 6000 (To record receipt of dividend) Investment in Edward Company (80000*30%) 24000 Income from edward company 24000 (To record revenue)Related Questions
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