Q4. Guo Cosmetics acquired 10% of the 200,000 shares of common stock of Chy Fashion...
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Q4. Guo Cosmetics acquired 10% of the 200,000 shares of common stock of Chy Fashion at a total cost of $12 per share on March 18, 2017. On June 30, Chy declared and paid a $50,000 dividend. On December 31, Chy reported net income of $110,000 for the year. At December 31, the market price of Chy Fashion was $15 per share. The stock is classified as available-for-sale.
Journalize the transactions.
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