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What will be the journal entry or effect of the transaction

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On December 31, Year 10, P owned 100% of S. P's "investment in S" account was $400,000. Pit uses the equity method to account for its investment. On January 1, Year 11, P sold 40% of its shares of S for $200,000 cash.

Problem a) Record journal entry on P's books on Jan. 1, Year 11.

Problem b) What will be the journal entry or effect of the above transaction P's consolidated statements on Jan. 1, Year 11

Reference no: EM132968637

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