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Prepare the journal entries necessary to account for the mjr

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Question 1: CMC, Inc., purchased 10% of MJR Enterprises for $1,000,000 on January 1, 2018. MJR recognized a total of $400,000 net income during 2018, paid $30,000 of dividends to CMC during 2018, and at December 31, 2018, the market value of the MJR investment increased to $1,040,000. Prepare the journal entries necessary to account for the MJR investment, assuming that CMC lacks significant influence

Reference no: EM132497185

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