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Prepare journal entries and financial statements

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Reference no: EM132519139

Question 1: Prepare Journal Entries

Point 1) With excess cash, Tom purchased a 30% (30,000 shares) investment in Board Books, Inc. for $1,100,000. Board Books paid a $1 per share dividend for the year and had net earnings of $600,000. Tom Text, Inc. can exercise significant influence over the Company. The total book value of the assets at acquisition date was 1,700,000 and the total fair value of the tangible assets at acquisition date was $2,400,000. The assets have a remaining useful life of 10 years.

Point 2) Earned $910,000 from book sales, collected $886,000 in cash and the remainder represents sales discounts taken by customers. Also, sold an additional $400,000 of books on account. Tom uses the gross method to account for sales discounts.

Note: You do not need to prepare closing entries for 2019 and you do not need to prepare financial statements.

Reference no: EM132519139

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