Prepare journal entries to record the following transactions of Masterson Corporation and make the necessary...
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Accounting
Prepare journal entries to record the following transactions of Masterson Corporation and make the necessary equity accounting adjustments for the consolidated financial statements.
2020
Jan. 1 Purchased 600 ordinary shares of Dankin Corporation (100,000 shares outstanding, $10 par value) for $5,100, which are classified under FVTPL.
Feb. 10 Purchased 3,500 ordinary shares of Ramon Corporation (10,000 shares outstanding, no par value) for $45,700.
Apr. 15 Received a cash dividend of $1 per share from Dankin Corporation.
Aug. 20 Received a cash dividend of $2 per share from Ramon Corporation.
Dec. 31 Observed total fair value of $6,000 for the shares held in Dankin Corporation.
Dec. 31 Dankin Corporation reported net income of $30,000 and Ramon Companys reported net income was $50,000.
2021
Sep. 12 Sold 100 shares of the Dankin Corporation for $2,100.
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