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QUESTION #3(10 MARKS)(10 MINUTES) On September 1st.2023, the x Company paid $325,000 for...

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Accounting

QUESTION #3(10 MARKS)(10 MINUTES)
On September 1st.2023, the x Company paid $325,000 for 20,000(20%) of the common shares of the Y Company. The investment was considered to be one of significant influence. In 2023,Y Company reported profits of $60,000 and paid dividends of $15,000; in 2024 its profits were $90,000 and it paid dividends of $30,000.
At January 1st.2025,x sold 15,000 of the common shares at $20? share.
Required:-Prepare the journal entry to record the gain/(loss) on the sale of the investment in X's books at January marks)
(Show all calculations)
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