Information pertaining to long-term stock investments in 2014 by Bell Inc. follows: Obtained significant influence over Paul Company by buying 30% of Paul's 100,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2014. On June 15, Paul Company declared and paid a cash dividend of $1.50 per share. On December 31, Paul's reported net income was $280,000. Instructions Prepare all necessary journal entries for 2014 for Bell Corporation.
Information pertaining to long-term stock investments in 2014 by Bell Inc. follows: Obtained significant influence over Paul Company by buying 30% of Paul's 100,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2014. On June 15, Paul Company declared and paid a cash dividend of $1.50 per share. On December 31, Paul's reported net income was $280,000. Instructions Prepare all necessary journal entries for 2014 for Bell Corporation.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Information pertaining to long-term stock investments in 2014 by Bell Inc. follows: Obtained significant influence over Paul Company by buying 30% of Paul's 100,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2014. On June 15, Paul Company declared and paid a cash dividend of $1.50 per share. On December 31, Paul's reported net income was $280,000.
Instructions Prepare all necessary
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