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On January 1, Oetry Corporation purchased a 35% equity in Selig Company for $190,000. At December 31, Selig declared and paid a $50,000 cash dividend and reported net income of $80,000. Prepare the necessary journal entries for Oetry Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit  Jan. 1Dec. 31                Jan. 1Dec. 31                 (To record dividends received)      Jan. 1Dec. 31                 (To record share of net income

On January 1, Oetry Corporation purchased a 35% equity in Selig Company for $190,000. At December 31, Selig declared and paid a $50,000 cash dividend and reported net income of $80,000. Prepare the necessary journal entries for Oetry Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit  Jan. 1Dec. 31                Jan. 1Dec. 31                 (To record dividends received)      Jan. 1Dec. 31                 (To record share of net income

SWFT Essntl Tax Individ/Bus Entities 2020
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter13: Corporations: Earning & Profits And Distributions
Section: Chapter Questions
Problem 19P
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On January 1, Oetry Corporation purchased a 35% equity in Selig Company for $190,000. At December 31, Selig declared and paid a $50,000 cash dividend and reported net income of $80,000.

Prepare the necessary journal entries for Oetry Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date
Account Titles and Explanation
Debit
Credit
 Jan. 1Dec. 31
 
 
 
 
 
 
 
 Jan. 1Dec. 31
 
 
 
 
 
 
 
 
(To record dividends received)
    
 Jan. 1Dec. 31
 
 
 
 
 
 
 
 
(To record share of net income)
  
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