Fish Galore Corp. bought 25% of Fin Chaser Corporation's stock for $70,000 on January 1, 2014. During 2014, Fin Chaser earned $25,000 of net income (80% ordinary and 20% extraordinary) and distributed $15,000 of dividends on December 31, 2014.
Required:
Present all related 2014 entries on Fish Galore Corp.'s books, including the January 1 investment.

Question

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The Answer of Fish Galore Corp. bought 25% of Fin Chaser Corporation's stock for $70,000 on January 1, 2014. During 2014, Fin Chaser earned $25,000 of net income (80% ordinary and 20% extraordinary) and distributed $15,000 of dividends on December 31, 2014.
Required:
Present all related 2014 entries on Fish Galore Corp.'s books, including the January 1 investment.