Milani, Inc., acquired percent of Seida Corporation on January for $ and appropriately accounted for the investment using the fairvalue method. On January Milani purchased an additional percent of Seida for $ which resulted in significant influence over Seida. On that date, the fair value of Seida's common stock was $ in total. Seida's January book value equaled $ although land was undervalued by $ Any additional excess fair value over Seida's book value was attributable to a trademark with an eightyear remaining life. During Seida reported income of $ and declared and paid dividends of $
Prepare the journal entries for Milani related to its investment in Seida. If no entry is required for a transactionevent select No journal entry required" in the first account field.
Journal entry worksheet
Record amortization for trademark excess fair value.
Note: Enter debits before credits.
tableTransactionGeneral Journal,Debit,CreditCash,,Investment in Seida,,
