11) On January 1, 2014, Rickson Corporation purchased 7,500 shares of AutoTech as a long-term...
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11) On January 1, 2014, Rickson Corporation purchased 7,500 shares of AutoTech as a long-term investment for a total of $235,000. The 7,500 shares represent 30% of the outstanding (25,000) shares of AutoTech. Prepare the journal entries for Rickson to record the following transactions and events: December 31, AutoTech reported net income of $66,000 for 2014. 2014 February 1, 2015 November 1, Sold 1,875 of the AutoTech shares for $34 per share. In addition $1,350 n fees and commissions were paid by Rickson on this sale Rickson received a $0.90 per share cash dividend from AutoTech AutoTech reported net loss of $46,000 for 2015. 2015 December 31 2015
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