Prepare the General Journal entry for January

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Question - On January 2, 2018, Company purchased 15,000 shares of the stock of another Company, and did not obtain significant influence. The stock was purchased for $12 per share, and represents a 10% ownership stake. Company made $55,000 of net income in 2018, and paid dividends of 50 cents per share on December 15, 2018. On December 31, 2018, Company's stock was trading on the open market for $15 per share at the end of the year. Prepare the General Journal entry(ies) for January 2 purchase and the December 15 & 31, 2018 record of income & gain/loss.

Reference no: EM132445702

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