Equity Method and Other Comprehensive Income Mitchell Corporation pays $15 million to acquire a 30 percent interest in Turner Corporation's stock on January 1, 2023, and reports the investment using the equity method. Any basis difference is attributed to goodwill During 2023. Turner reports net income of $900.000, which includes $800.000 in realized and unrealized gains on trading securities Turnier also reports $65.000 in unrealized losses on AFS securities in other comprehensive income, and pays dividends of $200.000 in 2023. Required Prepare Mitchell's journal entries to record the above events for 2023 Description Credi Investment in Turner To record investment in Turner's stock D To record receipt of dividends from Turmer · ÷ = To record Miches share of Turmer's net income • 0 4 . Debit 15.000.000 0 0 0 D 15.000.000 0

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Equity Method and Other Comprehensive Income
Mitchell Corporation pays $15 million to acquire a 30 percent interest in Turner Corporation's stock on January 1, 2023, and reports the investment using the equity method. Any basis
difference is attributed to goodwill. During 2023, Turner reports net income of $900,000, which includes $00.000 in realized and unrealized gains on trading securities. Turner also reports
$65.000 in unrealized losses on AFS securities in other comprehensive income, and pays dividends of $200,000 in 2023.
Required
Prepare Mitchell's journal entries to record the above events for 2023.
Description
Credit
Investment in Turner
Cash
To record investment in Turner's stock
+
#
To record Matches share of Turner's net income
Cash
Investment in Turner
To record receipt of dividends from Turner
To record Machets share of Turners DC
see answer all parts of the question
•
0
•
Debit
15.000.000
D
0
D
6
D
15,000,000
9
D
D
O
10
1241
Transcribed Image Text:Equity Method and Other Comprehensive Income Mitchell Corporation pays $15 million to acquire a 30 percent interest in Turner Corporation's stock on January 1, 2023, and reports the investment using the equity method. Any basis difference is attributed to goodwill. During 2023, Turner reports net income of $900,000, which includes $00.000 in realized and unrealized gains on trading securities. Turner also reports $65.000 in unrealized losses on AFS securities in other comprehensive income, and pays dividends of $200,000 in 2023. Required Prepare Mitchell's journal entries to record the above events for 2023. Description Credit Investment in Turner Cash To record investment in Turner's stock + # To record Matches share of Turner's net income Cash Investment in Turner To record receipt of dividends from Turner To record Machets share of Turners DC see answer all parts of the question • 0 • Debit 15.000.000 D 0 D 6 D 15,000,000 9 D D O 10 1241
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