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Prepare the General Journal entry for January

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Question - On January 2, 2020, Drake Corp. purchased 20,000 shares of the stock of Gaga Company, and did not obtain significant influence.  The investment is intended as a long-term investment. The stock was purchased for $10 per share, and represents a 10% ownership stake.  Gaga Company made $20,000 of net income in 2020, and paid dividends of $8,000 on December 15, 2020. On December 31, 2020, Gaga Company's stock was trading on the open market for $12 per share at the end of the year.  Use this information to prepare the General Journal entry(ies) for January 2 purchase and the December 15 & 31, 2020 record of income & gain/loss. If no entry is required then write "No Entry Required."

Reference no: EM133049991

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