Parpare journal entry d) On March 1, 20X7, Merk Ltd. acquired 2,000 shares of...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Parpare journal entry
d) On March 1, 20X7, Merk Ltd. acquired 2,000 shares of Hoi Co. for $60,000. This investment represents a 30% interest in Hoi. Merk has significant influence. On November 30, 20X7, Hoi paid a $25,000 dividend to its shareholders. At December 31, 20X7, Hois shares were valued at $40/share and Hoi reported net income of $150,000 for the year. On April 15, 20X8, Merk sold the shares for $106,000. Both Merk and Hoi have February 28th year-ends.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
