Reference no: EM132594229
Presented below are two independent situations:
(a) Sunland Inc. acquired 10% of the 407,000 shares of common stock of Schuberger Corporation at a total cost of $10 per share on June 17, 2020. On September 3, Schuberger declared and paid a $107,000 dividend. On December 31, Schuberger reported net income of $507,000 for the year.
(b) Cheyenne Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 107,000 outstanding shares of common stock at a cost of $16 per share on January 1, 2020. On May 15, Hunsaker declared and paid a cash dividend of $107,000. On December 31, Hunsaker reported net income of $207,000 for the year.
Question 1: Make all necessary journal entries for 2020 for (a) Sunland and (b) Cheyenne. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem.)
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Make all necessary journal entries for sunland
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Prepare all necessary journal entries for sunland
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