On January 1, Lifestyle Pools purchased 30% of Marshall Fence’s common stock for $660,000 cash. By the end of the year, Marshall Fence reported net income of $156,000 and paid dividends of $56,000 to all shareholders. Required: For Lifestyle Pools, record the initial purchase and its share of Marshall Fence’s net income and dividends for the year.

Godo

Rowan Co. purchases 100 common shares (40%) of JBI Corp. as a long-term investment for $500,000 cash on July 1. JBI paid $5,000 in total cash dividends on November 1 and reported net income of $100,000 for the year. Prepare Rowan’s entries to record (1) the purchase of JBI shares, (2) the receipt of its share of JBI dividends, and (3) the December 31 year-end adjustment for its share of JBI net income.

On January 2, Cohan Company acquired 42% of the outstanding stock of Sanger Company for $552,500. For the year ended December 31, Sanger Company earned income of $135,100 and paid dividends of $20,700. Prepare the entries for Cohan Company for the purchase of the stock, the share of Sanger income, and the dividends received from Sanger Company. Refer to the Chart of Accounts for exact wording of account titles.

Marigold Inc. has outstanding 10,600 shares of $10 par value common stock. On July 1, 2020, Marigold reacquired 105 shares at $87 per share. On September 1, Marigold reissued 62 shares at $91 per share. On November 1, Marigold reissued 43 shares at $84 per share. Prepare Marigold's journal entries to record these transactions using the cost method. (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.) Date Account Titles and Explanation Debit Credit 11/1/20

On January 1, Tasty Foods purchased 10,000 shares (100%) of Eco-Safe Packaging’s voting stock for $12 per share. Throughout the year, both companies continue to operate as separate legal entities. By December 31, Eco-Safe Packaging’s cash balance is $2,000, and Tasty Foods’ cash balance is $5,000. In preparing its year-end financial statements, for how much would Tasty Foods report its cash balance? a. $7,000.b. $5,000.c. $3,000.d. $2,000.

Concord Co. purchased 1,150 shares of Sugarland Company for $18 each this year and classified the investment as a trading security. Concord sold 270 shares of the stock for $21 each. At year end the price per share of the Sugarland Company had increased to $22.Prepare the journal entries for these transactions and any year-end adjustments. (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 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record the purchase enter a debit amount enter a credit amount enter an account title to record the purchase enter a debit amount enter a credit amount (To record the purchase.)     enter an account title to record the sale enter a debit amount enter a credit amount enter an account title to record the sale enter a debit amount enter a credit…

On January 2, Todd Company acquired 40% of the outstanding stock of McGuire Company for $205,000. For the year ending December 31, McGuire earned income of $48,000 and paid dividends of $14,000. Required: Journalize the entries for Todd Company for the purchase of the stock, share of McGuire Company income, and dividends received from McGuire Company. If an amount box does not require an entry, leave it blank. Jan. 2 Dec. 31 Dec. 31 0000 ☐☐☐☐☐☐

Hansaben

Sunland Corporation purchased  370 shares of Sherman Inc. common stock for $ 13,100 ( Sunland does not have significant influence). During the year, Sherman paid a cash dividend of $ 3.00 per share. At year-end, Sherman stock was selling for $ 37.50 per share.Prepare Sunland's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (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 0 for the amounts.) No. Account Titles and Explanation Debit Credit (a) enter an account title to record the purchase of the investment enter a debit amount enter a credit amount   enter an account title to record the purchase of the investment enter a debit amount enter a credit amount (b) enter an account title to record…