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to assignment-take&inprogre Equity Method On January 2, Yorkshire Company acquired 40% of the outstanding stock...

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Accounting

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to assignment-take&inprogre Equity Method On January 2, Yorkshire Company acquired 40% of the outstanding stock of Fain Company for $100,000. For the year ended December 31, in eamed Income $180,000 and paid dividends of $60,000. Journalize the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Pain Company. If an amount does not require an entry, leave it blank. Investment in Fain Company Stock Jan. 2 Cash Dec. 31 Investment in Fain Company Stock Income of Fain Company Dec. 31 Cash Investment in Fan Company Stock Increase the investment and reduce Cash for the price of the outstanding stock Increase both the investment and income by the 404 share of samencome from a company Reduce the investment and increase cash by the 40% shares paid dividends All work saved Save and Exit

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