Information pertaining to long-term stock investments in 2010 by Tate Corporation follows:
Acquired 15% of the 250,000 shares of common stock of Barkly Company at a total cost of $8 per share on January 1, 2010. On July 1, Barkly Company declared and paid a cash dividend of $2 per share. On December 31, Barkly's reported net income was $654,000 for the year.
Obtained significant influence over Tolan Company by buying 30% of Tolan's 100,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2010. On June 15, Tolan Company declared and paid a cash dividend of $1.50 per share. On December 31, Tolan's reported net income was $280,000.
Instructions
Prepare all necessary journal entries for 2010 for Tate Corporation.

Question

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The Answer of Information pertaining to long-term stock investments in 2010 by Tate Corporation follows:
Acquired 15% of the 250,000 shares of common stock of Barkly Company at a total cost of $8 per share on January 1, 2010. On July 1, Barkly Company declared and paid a cash dividend of $2 per share. On December 31, Barkly's reported net income was $654,000 for the year.
Obtained significant influence over Tolan Company by buying 30% of Tolan's 100,000 outstanding shares of common stock at a total cost of $22 per share on January 1, 2010. On June 15, Tolan Company declared and paid a cash dividend of $1.50 per share. On December 31, Tolan's reported net income was $280,000.
Instructions
Prepare all necessary journal entries for 2010 for Tate Corporation.

Information Pertaining to Long-Term Stock Investments in 2010 by Tate