ABC Inc. bought 40% of XYZ inc for $3,000,000 (10,000 shares) on May 1st 2020....
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ABC Inc. bought 40% of XYZ inc for $3,000,000 (10,000 shares) on May 1st 2020.
XYZ pays a $5 per share dividend on July 1st 2020.
XYZ reports net income of $600,000 on December 31st 2020
ABC Sells 50% of the Investment in XYZ on February 2nd 2021.
1) What are ABC the Journal Entries on
a) May 1st 2021
b) July 1st 2021
c) December 31st 2021
d) February 2nd, 2022
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