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Prepare the kournal entry to be recorded by big

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Question: Big owns 60% oflittle and at December 31,2012, its investment in Little account stands at $6,000,000. On that date Big sells half its ownership for $4,000,000 cash.

a. Prepare the kournal entry to be recorded by Big on December 31, 2012.

b. Same facts as above, except the sales price is $2,500,000 cash. Prepare the journal entry to be recorded by Big on December 31,2012.

Reference no: EM132714685

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