Wildhorse Daniel inc acquired 20% of the outstanding common stock of Theresa Blossom Inc on...
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Wildhorse Daniel inc acquired 20% of the outstanding common stock of Theresa Blossom Inc on December 31, 2025. The purchase price was $1,178,400 for 49,100 shares. Blossom inc declared and paid an $0.90 per share cash dividend on June 30 and on December 31, 2026. Blossom reported net income of $702,000 for 2026. The fair value of Blossom's stock was $27 per share at December 31, 2026. Assume that the security is a trading security. Prepare the joumal entries for Wildhorse Daniel Inc for 2025 and 2026, assuming that Daniel can exercise significant influence over Blossom. (Llist all debit entries before credit entries, Credit occount titles ore cutomatically indented when amount is entered. Do not indent manuolly. If no entry is required, select "No Entry" for the occount tides and enter O for the omounts. Record fournal entries in the onder presented in the problem.)
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