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Prepare the journal entries for heidebrecht design for 2020

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Question

Heidebrecht Design acquired 30% of the outstanding common stock of Oriole Company on January 1, 2020, by paying $684,000 for the 45,600 shares. Oriole declared and paid $0.60 per share cash dividends on March 15, June 15, September 15, and December 15, 2020. Oriole reported net income of $356,000 for the year. At December 31, 2020, the market price of Oriole common stock was $26 per share.

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

Prepare the journal entries for Heidebrecht Design for 2020, assuming Heidebrecht Design can exercise significant influence over Oriole. Use the equity method.

Indicate the balance sheet and income statement account balances at December 31, 2020, under each method of accounting.

Reference no: EM132365801

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