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Entries for equity investment of between 20%-50% ownership Glacier Products Inc. is a wholesaler of...

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Entries for equity investment of between 20%-50% ownership Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, 20Y3. The following transactions relate to securities acquired by Glacier Products Inc., which has a fiscal year ending on December 31, 20Y3: 20Y3 Jan. 25 Purchased 88,000 shares of Helsi Co. common stock for $610,000. There are 220,000 shares of Helsi Co. stock outstanding. Dec. 31 Received $18,000 of cash dividends on Helsi Co. stock. Helsi Co. reported net income of $74,000 in 20Y3. Required: 1. Journalize the entries to record the preceding transactions. If an amount box does not require an entry, leave it blank. Date Description Debit Credit 20Y3 Jan. 25 Investment in Helsi Co. Stock Cash 0 Dec. 31-Dividends Cash Investment in Helsi Co. Stock 0 Dec. 31-Income Investment in Helsi Co. Stock = = Income of Helsi Co

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