Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 25

Assume the same basic information as presented in problem (33) except that Monica employs the equity method of accounting. Hence, it reports $102,740 investment income for 2015 with an Investment account balance of $826,220. Under these circumstances, prepare the worksheet entries required for the consolidation of Monica Company and Young Company.