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Prepare the journal entry to be recorded by thompson on dec

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Reference no: EM133003994

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.

Problem 1: Prepare the journal entry to be recorded by Thompson on December 31, 2012.

Problem 2: 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: EM133003994

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