Preparing the required journal entries

Reference no: EM13121802

Myers CCo. acquired a 60% interest in Gannon Corp on Dec. 31, 2010 for $945,000. During 2011, Gannon had a net income of $600,000 and paid cash dividends of $150,000.

a) prepare the journal entries for Myers Co. for 12/31/2010

b) Prepared the required journal entries for for Myers for 2011.

Reference no: EM13121802

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