On January 2,London Corp purchased 10,000 Greenwich Corp common shares at $21 per share plus a $5,200 commission.On August 6,Greenwich Corp declared and paid dividends of $1.10 per share,and on December 31,it reported a net income of $150,000.Assuming Greenwich Corp has 24,000 common shares outstanding.Prepare the necessary entries on the books of London Corp to account for these transactions.

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The Answer of On January 2,London Corp purchased 10,000 Greenwich Corp common shares at $21 per share plus a $5,200 commission.On August 6,Greenwich Corp declared and paid dividends of $1.10 per share,and on December 31,it reported a net income of $150,000.Assuming Greenwich Corp has 24,000 common shares outstanding.Prepare the necessary entries on the books of London Corp to account for these transactions.

On January 2,London Corp Purchased 10,000 Greenwich Corp Common Shares