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Prepare journal entries to record the reported earnings

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Question - Masterson paid $205,000 for 40% of the shares of McGuire. Masterson exerts significant influence over McGuire. Prepare journal entries to record the following:

1. McGuire reported earnings of $60,000 during the year.

2. McGuire paid dividends of $14,000 during the year.

3. What amount would Masterson report on its balance sheet as investment in McGuire. (Hint: Use a "T" account to help you answer this question)

4. Masterson sold its entire investment in McGuire for $230,000.

Reference no: EM133138882

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