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On January 1,2020 Duke Company purchased equity investment 1.000 ordinary shares of Princess Company par value $100, for $120,000. Duke classified as non-trading option. On November 1, received cash dividend $5/share. On Dec 31, fair value of share is $118, and Princess Co reported net Income $1.000.000.
Instructions:
Problem a. Prepare journal entries on January 1, November 1, and Dec 31, 2020
Problem b. If Duke company has a significant influence (30%) in Princess Company, prepare journal for January 1, November 1 and Dec 31 2020.
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