Prepare the journal entries for heidebrecht design

Reference no: EM132215381

Question - Heidebrecht Design acquired 25% of the outstanding common stock of Crane Company on January 1, 2020, by $988,000 for the 49,400 shares. Crane declared and paid $0.50 per share cash dividends on March 15, June 15, paying September 15, and December 15, 2020. Crane reported net income of $313,000 for the year. At December 31, 2020, the market price of Crane common stock was $27 per share.

Prepare the journal entries for Heidebrecht Design for 2020 assuming Heidebrecht Design cannot exercise significant influence over Crane.

Reference no: EM132215381

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