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What are the journal entries relating to givemgreef invest

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Problem 1: What are the journal entries relating to Givemgreef's investment in Nelson during the years 2021-2023 with explanations

  1. Prior to 2021, The Givemgreef Company's investments were limited to short-term U.S. government securities. On January 2, 2021, Givemgreef bought a 25% interest in the Nelson Corporation for $820,000.
  2. On October 1, 2021, Nelson paid a total dividend of $60,000 to all its shareholders.
  3. At December 31, 2021, the market value of Givemgreef's investment in Nelson was $860,000. Nelson's net income for 2021 was $220,000.
  4. During 2022, Nelson had significant business reversals, and its net loss for the year was $1,000,000. The total market value of all of Nelson's stock at December 31, 2022 was $2,800,000.
  5. On March 1, 2023, when Nelson's net income for the first two months of the year was $40,000, Givemgreef sold its investment in Nelson for $590,000.

Reference no: EM132700171

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