Fish Galore Corp. bought 25% of Fin Chaser Corporation's stock for $70,000 on January 1, 2020. During 2020, Fin Chaser earned $25,000 of net income, and Fin Chaser distributed $15,000 of dividends on December 31, 2020. Required: Present all related 2020 entries on Fish Galore Corp.'s books, including the January 1 investment.
Fish Galore Corp. bought 25% of Fin Chaser Corporation's stock for $70,000 on January 1, 2020. During 2020, Fin Chaser earned $25,000 of net income, and Fin Chaser distributed $15,000 of dividends on December 31, 2020. Required: Present all related 2020 entries on Fish Galore Corp.'s books, including the January 1 investment.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fish Galore Corp. bought 25% of Fin Chaser Corporation's stock for $70,000 on January 1, 2020. During 2020, Fin Chaser earned $25,000 of net income, and Fin Chaser distributed $15,000 of dividends on December 31, 2020.
Required:
| Present all related 2020 entries on Fish Galore Corp.'s books, including the January 1 investment. |
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