Essay
Ultra Cosmetics acquired 10% of the 200,000 shares of common stock of Kardashian Fashion at a total cost of $14 per share on March 18, 2017. On June 30 Kardashian declared and paid a $96,000 dividend. On December 31 Kardashian reported net income of $244,000 for the year. At December 31 the market price of Kardashian Fashion was $16 per share.
Instructions
Prepare all the necessary entries for 2017 for Ultra Cosmetics.
Correct Answer:
Verified
Correct Answer:
Verified
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