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Question - Earth Inc. purchased 13,500 of the common shares of Moon Inc. on January 1, Year 2 for $310,500. Moon had 90,000 common shares outstanding. During Year 2, Moon had income of $110,000 and paid dividends of $60,000. On December 31, Year 2 the selling price of Moon's shares was $25 per share. Earth purchased additional 9,000 shares of Moon's common shares on March 1, Year 3 for $216,000. During Year 3, Moon had income of $120,000 earned evenly over the year. On December 31, Moon declared dividends of $70,000. On December 31, Year 3 the selling price of Moon's shares was $21 per share. January 2, Year 4, Moon's shares price fell to $19.50 per share and the decline is considered permanent. Prepare all the journal entries for Years 2, 3 and January 2, Year 4 related to Earth's investment in Moon.
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