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Discuss purchase does give bennies significant influence

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Reference no: EM131779376

On January 3, Bennies Bonsai Farm purchased 20% of the outstanding stock of Eva's Cactus Company for $85,000. During the year, Eva's Cactus paid cash dividends totaling $70,000 and reported net income for the year of $90,000.

Record all the transactions necessary for Bennies Bonsai for this stock purchase assuming:

A.) The purchase does not give Bennies significant influence over Eva's Cactus

B.) The purchase does give Bennies significant influence over Eva's Cactus

Reference no: EM131779376

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