Stock Sale - ABC Corp. Acquiring an Interest in XYZ Inc.
In Year 2, ABC Corp. acquired a 15% interest in XYZ, Inc., for $50,000. During the year, XYZ paid dividends of $10,000 and had net income of $30,000. ABC sold the shares of XYZ for $65,000 cash. What entry will ABC make to record the sale?
Please see the attached word file.
© BrainMass Inc. brainmass.com June 3, 2020, 9:09 pm ad1c9bdddfhttps://brainmass.com/business/accounting/stock-sale-abc-corp-acquiring-interest-xyz-inc-168045
Attachments
Solution Preview
If you add 15% of $6000 and 15% of $30,000 to the additional $50,000, the ...
Solution Summary
Solution includes a journal entry for the sale of stock by a company that owns 15% of another company.
$2.19