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Prepare the journal entries for Heidebrecht Design

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Question - Heidebrecht Design acquired 25% of the outstanding common stock of Sheridan Company on January 1, 2020, by paying $742,500 for the 49,500 shares. Sheridan declared and paid $0.20 per share cash dividends on March 15, June 15, September 15, and December 15, 2020. Sheridan reported net income of $368,000 for the year. At December 31, 2020, the market price of Sheridan common stock was $27 per share.

Required - Prepare the journal entries for Heidebrecht Design for 2020 assuming Heidebrecht Design cannot exercise significant influence over Sheridan.

Reference no: EM132615405

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