Prepare the necessary journal entries for rich

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Reference no: EM13136920

Rich, Inc. aquired 30% of Doane Corp.'s voting stock on January 1, 2012 for $600,000. During 2012, Doane earned $240,000 and paid dividends of $150,000. Rich's 30% interest in Doane gives Rich the ability to exercise significant influence over Doane's operating and financial policies. During 2013, Doane earned $300,000 and paid dividends of $90,000 on April 1 and $90,000 on October 1. On July 1, 2013, Rich sold half of its stock in Doane for $396,000 cash.

Prepare the necessary journal entries for Rich, Inc. from January 1, 2012 through July 1, 2013.

Reference no: EM13136920

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