Reference no: EM132645330
In January 2020, Felter, Inc. acquired a 40% interest in Bradly, Inc. for $250,000, giving Felter significant influence over Bradly. Any excess of purchase price over book value was considered goodwill. In 2020, Bradly reported net income of $100,000 and paid total dividends amounting to $20,000.
Question 1: Prepare Felter's 2020 journal entries related to its investment in Bradly.
Date Account Name Debit Credit
Equity investment -
Brad 250,000 Cash 250,000
Question a: To record investment Equity investment - Brad 40,000 Equity income 40,000
Question b: To record share of Bradly's net income Cash 20,000 Equity investment - Brad 20,000
Question c: To record share Bradly's dividends paid
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