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Agee Corp. acquired a 25% interest in Trent Co. on January 1, 2010, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock...
Agee Corp. acquired a 25% interest in Trent Co. on January 1, 2010, for $500,000. At that time, Trent had 1,000,000 shares of its $1 par common stock issued and outstanding. During 2010, Trent paid cash dividends of $160,000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Trent's net income for 2010 was $360,000. At the end of 2010, the fair value of shares were 600,000 (a) Prepare the all journal entries for 2010. What is the balance in Agee’s investment account at the end of 2010? (b) Prepare journal entries for the same information given above, Except that Agee Corp. acquired a 10% interest in Trent Co. and reports the securities as available for sale.
