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Equity Method On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain...

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Equity Method On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for $600,000. For the year ended December 31, Fain Company earned income of $140,000 and paid dividends of $50,000 Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company. Jan. 2- Purchase Dec. 31 - Income Dec. 31- Dividends

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