On January 2, Olson Company acquired 35% of the outstanding stock of Bryant Company for $140,000. for the year ending December 31, Bryant Company earned income of $44,000 and paid dividends of $20,000. Prepare the entries for Olson Company for the purchase of the stock, share of Bryant income, and dividends received from Bryant Company.
|
Jan. 2 |
Investment in Bryant Company Stock |
140,000 |
|
|
Cash |
140,000 |
||
|
Dec. 31 |
Investment in Bryant Company Stock |
15,400 |
|
|
Income of Bryant Company |
15,400 |
||
|
Record 35% of Bryant income, 35% x $44,000. |
|||
|
Dec. 31 |
Cash |
7,000* |
|
|
Investment in Bryant Company Stock |
7,000 |
||
|
*35% x $20,000 |
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