Equity Method On January 2, Yorkshire Company acquired 32% of the outstanding stock of Fain Company for $380,000. For the year ended December 31, Fain Company earned income of $99,000 and paid dividends of $30,000. Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company. Jan. 2 - Purchase               Dec. 31 - Income               Dec. 31 - Dividends

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
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Chapter16: Retained Earnings And Earnings Per Share
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Equity Method

On January 2, Yorkshire Company acquired 32% of the outstanding stock of Fain Company for $380,000. For the year ended December 31, Fain Company earned income of $99,000 and paid dividends of $30,000.

Prepare the entries for Yorkshire Company for the purchase of the stock, the share of Fain income, and the dividends received from Fain Company.

Jan. 2 - Purchase      
       
Dec. 31 - Income      
       
Dec. 31 - Dividends      
       
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