On January 1, Pharoah Corporation purchased a 25% equity in Helbert Corporation for $185,000. At December 31, Helbert declarea and paid a $45,900 cash dividend and reported net income of $175,500. (a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record dividends received)
On January 1, Pharoah Corporation purchased a 25% equity in Helbert Corporation for $185,000. At December 31, Helbert declarea and paid a $45,900 cash dividend and reported net income of $175,500. (a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record dividends received)
Chapter22: S Corporations
Section: Chapter Questions
Problem 35P
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Transcribed Image Text:On January 1, Pharoah Corporation purchased a 25% equity in Helbert Corporation for $185,000. At December 31, Helbert declared
and paid a $45,900 cash dividend and reported net income of $175,500.
(a)
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent
manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal
entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
(To record dividends received)
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