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Presented below are two independent situations: (a) (b) Blossom Inc. acquired 10% of the 411,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17, 2022. On September 3, Schuberger declared and paid a $111,000 dividend. On December 31, Schuberger reported n d net income of $511,000 for the year. Sunland Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 111,000 outstanding shares of common stock at a cost of $15 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $111.000. On December 31, Hunsaker reported net income of $211,000 for the year.

Presented below are two independent situations: (a) (b) Blossom Inc. acquired 10% of the 411,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17, 2022. On September 3, Schuberger declared and paid a $111,000 dividend. On December 31, Schuberger reported n d net income of $511,000 for the year. Sunland Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 111,000 outstanding shares of common stock at a cost of $15 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $111.000. On December 31, Hunsaker reported net income of $211,000 for the year.

FINANCIAL ACCOUNTING
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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Presented below are two independent situations: Blossom Inc. acquired 10% of the 411,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17, 2022. On September 3, Schuberger declared and paid a $111,000 dividend. On December 31, Schuberger reported net income of $511,000 for the year. (a) (b) Sunland Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 111,000 outstanding shares of common stock at a cost of $15 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $111,000. On December 31, Hunsaker reported net income of $211,000 for the year. Prepare all necessary journal entries for 2022 for (a) Blossom and (b) Sunland. (List all debit entries before credit entries. If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem.) Show Transcribed Text (b) 3 Date > Account Titles and Explanation G Debit Credit
Transcribed Image Text:Presented below are two independent situations: Blossom Inc. acquired 10% of the 411,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share on June 17, 2022. On September 3, Schuberger declared and paid a $111,000 dividend. On December 31, Schuberger reported net income of $511,000 for the year. (a) (b) Sunland Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 111,000 outstanding shares of common stock at a cost of $15 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $111,000. On December 31, Hunsaker reported net income of $211,000 for the year. Prepare all necessary journal entries for 2022 for (a) Blossom and (b) Sunland. (List all debit entries before credit entries. If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem.) Show Transcribed Text (b) 3 Date > Account Titles and Explanation G Debit Credit
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