On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.) Date Account Titles and Explanation > (To record dividends received) (To record share of net income) Debit Credit
On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig declared and paid a $63,000 cash dividend and reported net income of $100,800. Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.) Date Account Titles and Explanation > (To record dividends received) (To record share of net income) Debit Credit
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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![On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig
declared and paid a $63,000 cash dividend and reported net income of $100,800.
Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
>
(To record dividends received)
(To record share of net income)
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb62fcced-bc2c-46c5-b5fe-deecb49cf973%2Fdac5f0e9-3a98-4b15-90c1-4ccfb43e1e82%2Fakbazkm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On January 1, Larkspur Corporation purchased 35% of the outstanding shares of Selig Company for $239,400. At December 31, Selig
declared and paid a $63,000 cash dividend and reported net income of $100,800.
Prepare the necessary journal entries for Larkspur Corporation. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. List all debit entries before credit entries. Recond journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
>
(To record dividends received)
(To record share of net income)
Debit
Credit
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