Hh3. Equity Investments: 20% -50% ownershipOn January 2, 2014, Whitworth Company acquired 28% of the outstanding stock of Aloof Company for $310,000. For the year endedDecember 31, 2014, Aloof Company earned income of $81,000 and paid dividends of $25,000. On January 31 2015, Whitworth Companysold all of its investment in Aloof Company stock for $322,180.Journalize the entries for Whitworth Company for the purchase of the stock, the share of Aloof income, the dividends received from AloofCompany, and the sale of the Aloof Company stock. If an amount box does not require an entry, leave it blank.Jan. 2, 2014 - PurchaseDec. 31, 2014-IncomeDec. 31, 2014 DividendsJan. 31, 20Y5 - Sale000©

Journal entries refers to the entries which are passed by the company to prepare the financial…

Equity Investments: 20%-50% ownership On January 2, 2014, Whitworth Company acquired 28% of the outstanding stock of Aloof Company for $310,000. For the year ended December 31, 2014, Aloof Company earned income of $81,000 and paid dividends of $25,000. On January 31 2015, Whitworth Company sold all of its investment in Aloof Company stock for $322,100. Journalize the entries for Whitworth Company for the purchase of the stock, the share of Aloof income, the dividends received from Aloof Company, and the sale of the Aloof Company stock. If an amount box does not require an entry, leave it blank. Jan. 2, 2014 - Purchase Dec. 31, 2014-Income Dec. 31, 2014- Dividends Jan. 31, 20Y5-Sale 000 00 000

Equity Investments: 20%-50% ownership On January 2, 2014, Whitworth Company acquired 28% of the outstanding stock of Aloof Company for $310,000. For the year ended December 31, 2014, Aloof Company earned income of $81,000 and paid dividends of $25,000. On January 31 2015, Whitworth Company sold all of its investment in Aloof Company stock for $322,100. Journalize the entries for Whitworth Company for the purchase of the stock, the share of Aloof income, the dividends received from Aloof Company, and the sale of the Aloof Company stock. If an amount box does not require an entry, leave it blank. Jan. 2, 2014 - Purchase Dec. 31, 2014-Income Dec. 31, 2014- Dividends Jan. 31, 20Y5-Sale 000 00 000

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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