Creating journal entries for transactions

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Reference no: EM13136328

Prepare journal entries for the following transactions for Zenco Co.

a-Zenco Co purchased 35,000 shares of the total 50,000 shares (70%) of Litro Corp for $725,000.

b-Litro Corp total earnings for the period were $160,000.

c-Litro Corp paid a total of $50,000 in cash dividends.

d-Zenco sold the 35,000 shares of Litro Corp for $1,350,000.

Reference no: EM13136328

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