Current Attempt in Progress On January 1, Teal Mountain Corporation purchased a 30% equity interest in Lawton Company for $456,000. At December 31, Lawton declared and paid a $48,000 cash dividend and reported net income of $117,600. Prepare the necessary journal entries for Teal Mountain Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

Current Attempt in Progress On January 1, Teal Mountain Corporation purchased a 30% equity interest in Lawton Company for $456,000. At December 31, Lawton declared and paid a $48,000 cash dividend and reported net income of $117,600. Prepare the necessary journal entries for Teal Mountain Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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