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  3. on may 15, kingswood company purchased 30% worth o

On May 15, Kingswood Company purchased 30% worth of Pineview Ltd.'s common shares as a...

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Accounting

On May 15, Kingswood Company purchased 30% worth of Pineview Ltd.'s common shares as a significant influence investment. On September 30, Pineview announced that profit for the year amounted to $650,000. Kingswood should record a debit to Investment in Pineview Common Shares of $195,000 and a credit to Earnings from Investment in Pineview of $195,000.

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