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Prepare journal entries transactions for Zenco Co

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Question - Prepare journal entries for the following transactions for Zenco Co.

a- Zenco Co purchased 35,000 shares of the total 50,000 shares (70%) of Litro Corp for $725,000.

b- Litro Corp total earnings for the period were $160,000.

c- Litro Corp paid a total of $50,000 in cash dividends.

d- Zenco sold the 35,000 shares of Litro Corp for $1,350,000.

Reference no: EM131782161

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