On January 1, Oriole Company purchased a 25% equity investment in Pharoah Company for $336,000. At December 31, Pharoah Company declared and paid a $22,400 dividend and reported net income of $134,400. (a) Journalize the transactions on the books of Oriole Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. 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
On January 1, Oriole Company purchased a 25% equity investment in Pharoah Company for $336,000. At December 31, Pharoah Company declared and paid a $22,400 dividend and reported net income of $134,400. (a) Journalize the transactions on the books of Oriole Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vishnu
Transcribed Image Text:On January 1, Oriole Company purchased a 25% equity investment in Pharoah Company for $336,000. At December 31, Pharoah
Company declared and paid a $22,400 dividend and reported net income of $134,400.
(a)
Journalize the transactions on the books of Oriole Company. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem. If
no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
(To record dividends received)
Debit
Credit
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