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On January 1, year 3, Caledonia enterprises obtained 5,000 (15%) of the shares of Burke Inc. for $190,000. During year 3 Burke reported net income of $230,000 and paid dividends of $20,000. The market price of Burke's shares was $42 at the end of year 3.
Caledonia was pleased with the investment in Burke and obtained another 20% of the shares of Burke Inc. on January 1, year 4 for $280,000. This new investment gives Caledonia significant influence over Burke. Burke reported net income of $290,000 in year 4 and paid dividends of $60,000. The market price of Burke's shares at the end of year 4 was $45. Caledonia sold the investment in Burke's shares on January 2, year 5 for $45 each.
Required:
Problem a) Prepare all journal entries required for years 3, 4 and 5.
Problem b) Provide the balance of the investment account at the end of year 3 and 4.
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