Reference no: EM132782549
At December 31, 2018, Pine Co. owned 80% of the common stock of Sandy Co. At that date, Sandy' stockholders' equity accounts had the following balances:
Common Stock ($5 par)............................. $ 250,000
Additional paid-in capital.............................. 110,000
Retained Earnings...................................... 330 000
Total stockholders' equity......................... $ 690,000
The balance in Pine's account, Investment in Sandys, was $552,000 (80% of $690,000).
On January 1, 2019, Sandys sold 10,000 shares of previously unissued common stock for $15 per share. Pine did not purchase any of these newly-issued shares.
Required:
Problem 1: Prepare the journal entry that Pine must make to recognize the impact of this transaction.
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