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Sol Corporation acquired 10% of the 100,000 outstanding ordinary shares of K Electronics at a cost of $15 per share on Dec 1, 2020. On December 30, K Electronics declared and paid a $100,000 dividend. On December 31, K Electronics reported net income of $300,000 for the year. At December 31, the market price of K Electronics was $18 per share. This investment is classified as "trading"
Problem 1: prepare necessary journal entries for 2020 transaction above
Problem 2: Describe how Sol Corporation will report the investment, income and unrealized gain on its 2020 financial statements
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