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Prepare the journal entries needed by acme

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Question - On January 1, 2011 The ACME Company made two investments:

a. Purchased 200 of the 2,000,000 shares of HAL for $20,000.

b. Purchased 400 of the 1000 shares of GZK for $40,000 at this time the book value of GZK was $100,000.

In 2011 HAL paid dividends of $4,000,000, reported income of $12,000,000. On December 31, HAL stock was selling for $104 per share.

In 2011 GZK paid dividends of $800, reported income of $2800. On December 31, GZK stock was selling for $98 per share.

On 3/1/12 ACME sold its investment in HAL at $102 per share

On 3/14/12 ACME sold its investment in GZK at $101 per share

REQUIRED: Prepare the journal entries needed by ACME in 2011 and 2012 if.... They have no influence over HAL and they have significant influence of GZK.

Note: ACME is a manufacturer so they would use available for sale rather than trading securities.

Reference no: EM131788278

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