Prepare all necessary journal entries for bell corporation

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Reference no: EM132761674

Information pertaining to long-term stock investments in 2017 by Bell Corporation follows:

Acquired 18% of the 250,000 shares of common stock of Kansas Company at a total cost of $8 per share on January 1, 2017. On July 1, Kansas Company declared and paid a cash dividend of $2 per share. On December 31, 's reported net income was $654,000 for the year.
Obtained significant influence over Toto Company by buying 30% of Toto's 100,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2017. On June 15, Toto Company declared and paid a cash dividend of $1.50 per share. On December 31, Toto's reported net income was $280,000.

Problem 1: Prepare all necessary journal entries for 2017 for Bell Corporation.

Reference no: EM132761674

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