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Prepare the journal entries for McIntosh Company

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Reference no: EM132784825

Question - Prepare the journal entries for McIntosh Company for the following transactions.

January 15, 2020: McIntosh Company acquires 35% of the 250,000 shares of common stock of Price Company at a cost of $6 per share.

March 10, 2020: Price Company declares and pays a cash dividend of $40,000.

December 30, 2020: Price Company reports a net income of $470,000 for the year.

June 17, 2021: McIntosh Company sells 40,000 shares for a total of $200,000.

Reference no: EM132784825

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