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Question - Lucked Out, Inc. accounts for its 70% interest investment in High Yield, LLC using the equity method. At December 31, 2014 the balance of this investment was $100,000. During 2015, the following transactions occurred.
6/30: Declared and paid dividends of $70,000.
7/01: Sold 20% of its interest in High Yield, Inc for $37,000.
Required - Assume that High Yield's net income for 2015 is projected to be $240,000 and will be earned equally throughout the year.
1. Calculate the gain or loss to be recognized in the 7/01 sale.
2. Prepare the general journal entry to record the sale on 7/1.
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