(11 pts) Information pertaining to stock investments in 2022 by Meltons Corporation follows. Prepare all...
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(11 pts) Information pertaining to stock investments in 2022 by Meltons Corporation follows. Prepare all necessary journal entries for 2022 for Meltons Corporation. a) Acquired 15% of the 250,000 shares of common stock of Ashley Company, as a long-term investment, at $9 per share on January 1,2022. On July 1, Ashley Company declared and paid a cash dividend of $1 per share. On December 31, Ashley's reported net income was $675,000 for the year and the market value of the stock was $10. b) Acquired 30% of Webster's 100,000 outstanding shares of common stock at $25 per share on January 1,2022. On June 15, Webster Company declared and paid a cash dividend of $2.50 per share. On December 31 , Webster's reported net income was $330,000 and the market value of the stock was $23
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