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Prepare the journal entry to be recorded by Thompson

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Problem -

a. Thompson owns 100% of Rollins and at December 31, 2012, its Investment in Rollins account stands at $10,000,000. On that date Thompson sells 20% of its ownership for $2,500,000 cash. Prepare the journal entry to be recorded by Thompson on December 31, 2012.

b. Same facts as above, except the sales price is $1,000,000 cash. Prepare the journal entry to be recorded by Thompson on December 31, 2012.

Reference no: EM132711222

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