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10 Winnipeg Co. purchased 8,000 shares of Bittner Company's common shares on January 1, 2006...

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Accounting

10 Winnipeg Co. purchased 8,000 shares of Bittner Company's common shares on January 1, 2006 for $80,000. On October 11, 2006, Bittner declared and paid cash dividends of $50,000. On December 31, 2006, Bittner reported net income of $90,000 for the year. Also on December 31, 2006, the shares of Bittner Company were appraised to be worth $85,000. On January 25, 2007, the shares were sold for $100,000. Use the T-accounts to show the effects of your entries where applicable and label them with the appropriate dates as shown. Prepare the journal entries under the following two independent scenarios: Winnipeg Co.s ownership of Bittners outstanding shares is 35% with significant influence

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