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Record the transactions in the books of xyz company

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Reference no: EM132611077

On January 1, 2019, XYZ Company acquired 200,000 shares at $ 25 per share of Loyal Inc. which represent 20% ownership.

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Question 1: Record the following transactions in the books of XYZ Company (assuming there is significant influence and insignificant influence)

(a) The acquisition of shares done by XYZ Company on January 1, 2019

(b) The Loyal Inc had reported net income of $ 1,100,000

(c) Loyal Inc. announced and paid cash dividends of $ 200,000,

(d) On December 31, 2019, Loyal Inc. shares been valued at $ 20 per share, and XYZ still owns 200,000 shares

(e) On December 31, 2020, Loyal Inc. shares would be valued at $ 23 per share, and XYZ.will still own 200,000 shares

Reference no: EM132611077

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