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Prepare journal entry Philcorp would make to record sale

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Question - On January 1, 2019, Philcorp acquired 7,000 of the outstanding 10,000 shares of Anderco by issuing its own shares with a market value of $420,000. On June 30, 2020, Philcorp sold 2,500 shares for cash consideration of $60 per share on open market.

Immediately before the sale, the shareholders' equity of Anderco amounted to $550,000 and the unamortized purchase discrepancy was $35,000. Philcorp uses the equity method to record its investment in Anderco.

Required - Prepare the journal entry Philcorp would make to record the sale.

Reference no: EM133041795

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