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Question - On January 2, 2018 X Company purchased a 22% interest in Y Company for $240,000. Below is summary information for Y Company for the years 2018 through 2020. X Company purchased no other investments during 2018-2020. For the requirements below assume that X did not have significant influence over the activities of Y and it was considered a passive investment.
Year
loss for Y
paid by Y
of Y as of 12/31
2018
$95000
$45,000
$1,300,000
2019
($55,000)
$35,000
$900,000
2020
$52,000
$30,000
$1,200,000
Prepare the 2020 journal entries that X would record relating to the investment in Y.
X sold its investment in Y on January3,2021, for $280,000. No other investments were purchased during 2021. Prepare the journal entries that X record during 2021 relating to its investments.
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