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Question - On January 1, 2017, Runner Company pays $10 million for 40% of the outstanding common stock of a supplier called Jog, Inc. On December 1, 2017 Jog, Inc., declared and paid cash dividends of $100,000. For the year ending December 31, 2017, Jog, Inc. also reported net income of $1,000,000. At December 31, 2017, the fair value of 40% of Jog, Inc.'s stock was $9 million. On January 1, 2018, all the Jog, Inc.'s stock was sold for $9 million.
Required - Prepare journal entries on the following dates:
1. January 1, 2017
2. December 1, 2017
3. December 31, 2017
4. January 1, 2018
Explanations are not required.
Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2016, Prepare the journal entry to record the issuance of the bonds
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