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Question 1. Bolier Company acquired 30% of the stocks of Harris Company for $60 million cash on 1/1/20X1. Harris Company reported a net income of $20 million for the period 1/1/20X1 to 12/31/20X1. Harris Company also declared and paid a total cash dividend of $10million to all of its shareholders. For the year 20X1, show the entries that Bolier Company will make related to the above transactions, assuming that it uses the equity method.
Question 2. Masako Company acquired 10% of the stocks of Miklos Company for $10 million cash on 1/1/20X1. Miklos Company reported a net income of $8 million for the period 1/1/20X1 to 12/31/20X1. Miklos Company also declared and paid a total cash dividend of $4 million to all of its shareholders. For the year 20X1, show all the entries that Masako Company will make related to the above transactions, assuming that is uses the market method.
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