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Question - Burgers Unlimited (BU)is a Canadian Company specializing in the use of organic meats only for its burgers. The Company is owned by John Brown of Muskoka, Canada, where the business has been very successful over the last 10 years.
This year the Company ran into financial difficulties and, to avoid bankruptcy, John Brown asked his friend of several years, Timothy Smith who owns a majority shareholding in Muskoka Lighting Company(MLC) , a public Company, to assist him by providing additional financing. MLC advanced $1,000,000 to BU for a one-third interest in BU.
The accountant at MLC is considering how to record and report this investment.
Required - What recording and reporting structures are available to MLC. Choose one of these structures and explain why you made that decision and how you will record and report under the method of your choice.
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