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(Solution document) QUESTION 2. Market Research Syndicate acquired 100 shares of Catskill Tools for $450,000 on January 1, 2X13.


 

QUESTION 2.

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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