15.2 #3 - e chegg Study G e 153 #1 Entries F. e Accounting ques \". Cengage Cour

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15.2

#3

- e chegg Study G e 153 #1 Entries F. e Accounting ques ". Cengage Course S CengageNOStart ? ? ? ? ? v2 cengagenow con intake ssignment takeAssignmen Main doi voker-assignments& takeAssignmentSessionLoca or-assignment t ? ? ? ? Ch 15-2 Practice Exercises eBook Show Mc How Calculator Print Item Equity Method 1. PE.15-01.ALGO On January 2, Yorkshire Company acquired 35% of the outstanding stock of Fain Company for $310,000. For the year ended December 31, Fain Company earned income of $31,000 and paid dividends of $25,000 2, PE-15-02ALGO 3. PE.15-03.ALGO Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company Jan. 2 Purchase 4-PE-15-04.ALGO 5. PE. 15-05.ALGO Dec. 31 Income ? ) Dec. 31-Dividends Check My Work 2 more Check My Work uses remaining. Previous Next Progress: 315 items Assignment Score: 0.0% Email Instructor Save and Exit Submit Assignment for Grading 4:76 AM Type here to search /282018 2

Explanation / Answer

Debit Credit Jan 2 - Purchase Investment in Fain Company Stock $310,000.00                              Cash $310,000.00 Dec 31 Income Investment in Fain Company Stock $28,350.00              Income of Fain Company (35%x 81,000) $28,350.00 Dec 31 Dividend Cash (35%x 25,000) $8,750.00                Investment in Fain Company Stock $8,750.00

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