Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sage co. acquired 25% of the 540,000 shares...

Sage Co. acquired 25% of the 540,000 shares...

50.1K

Verified Solution

Question

Accounting

image
image
Sage Co. acquired 25% of the 540,000 shares of outstanding common stock of Overload Inc. on December 31, 2020. The purchase price was $4,023,000. Overload declared and paid \$1.20 per share cash dividends on June 18, 2021, and on November 29,2021 . Overload reported net income of $1,160,000 for 2021 . The fair value of Overload common stock was $27 per share at December 31 , 2021. Prepare the journal entries for Sage Co. for 2021, assuming that Sage cannot exercise significant influence over Over load. The securities should be classified as available-for-sale. (Credit account titles are automatically indented when amount is entered. Do not) indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Alex Alex established Alex Consulting Company on September 1,2018, as a backup plan.The company...Alex...

Accounting
Q

An unmanned reconnaissance drone is flying over enemy territory using a preprogrammed flight pattern for a...

Basic Math
Q

If an undamped spring-mass system with a mass that weighs 24 lb and a spring constant...

Advance Math
Q

,,

Chemistry
Q

A 33.153 mg sample of a chemical known to contain only carbon, hydrogen, sulfur, and oxygen...

Chemistry
Q

The ________ passes through the ________. Group of answer choices a.vagus nerve; foramen magnum b.trigeminal nerve; foramen lacerum c.acoustic...

Medical Sciences
Q

30 A metal sphere of radius r and specific heat S is rotated about an...

Physics
Q

There was initially 100mg of radioactive material After 6 hours its mass decreased by 3...

Physics
Q

Question 2 of 13 t exactly Give an exact answer Use symbolic notation and fractions...

Basic Math
Q

The LaGrange Corporation had the following budgeted sales for the first half of the current...

Accounting
Q

On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories called...

Accounting
Q

All of the following are true regarding the preparation of a New York state tax...

Accounting