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Prepare journal entries to record events

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Question: Prepare journal entries to record the following transactions and events of Kash Company. 2011 Jan. 2 Purchased 30,000 shares of Bushtex Co. common stock for $204,000 cash plus a broker's fee of $3,480 cash. Bush tex has 90,000 shares of common stock outstanding and its policies will be significantly influenced by Kash. Sept. 1 Bushtex declared and paid a cash dividend of $3.10 per share. Dec. 31 Bushtex announced that net income for the year is $624,900. 2012 June 1 Bushtex declared and paid a cash dividend of $3.60 per share. Dec. 31 Bushtex announced that net income for the year is $699,750. Dec. 31 Kash sold 10,000 shares of Bushtex for $162,500 cash.

Reference no: EM131534943

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