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  3. on january 1, pharoah spa purchased a 25% equity i

On January 1, Pharoah SpA purchased a 25% equity in Morelli SpA for 185,000. At...

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Accounting

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On January 1, Pharoah SpA purchased a 25% equity in Morelli SpA for 185,000. At December 31, Morelli declared and paid a 45,900 cash dividend and reported net income of $ 175,500. Journalize the transactions. (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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record dividends received) (To record equity in Helbert Corporation's net income) Determine the amount to be reported as an investment in Morelli at December 31. Investment in Morelli, December 31

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