Company for the purchase of stock-share of bristol income

Assignment Help Financial Accounting

Reference no: EM131295564

On January 2, Leonard Company acquired 29% of the outstanding stock of Bristol Company for $360,000. For the year ended December 31, Bristol Company earned income of $94,000 and paid dividends of $29,000.

Prepare the entries for Leonard Company for the purchase of the stock, the share of Bristol income, and the dividends received from Bristol Company.

Jan. 2 Purchase

Dec. 31 - Income

Dec. 31 - Dividends

Reference no: EM131295564

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