3. On January 1 Criquet Co. acquired an interest in the Tamlee Co. for $500,000....
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Accounting
3. On January 1 Criquet Co. acquired an interest in the Tamlee Co. for $500,000. At December 31, Tamlee Co. declared and paid a cash dividend of $50,000 and reported a net income of $160,000.
REQUIRED:
Prepare the journal entries for the Criquet Co. under each of the independent circumstances:
a. Criquet Co. acquires a 10% interest in the Tamlee Co.
b. Criquet Co. acquires a 25% interest in the Tamlee Co.
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