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Prepare three journal entries on the books of excelsius corp

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Question - On January 2, Excelsius Corp purchased 10,000 Etherovo Corp common shares at $11 per share. On August 6, Etherovo Corp declared and paid dividends of $2.10 per share. December 31, it reported a profit of $350,000. Etherovo Corp has 32,000 common shares outstanding, so Excelcius has significant influence over Etherovo. Prepare the three journal entries on the books of Excelsius Corp to account for these transactions.

Reference no: EM132525780

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