Advanced Accounting 11th Edition by Paul Fischer,William Tayler, Rita Cheng

Exercise 11

Sale of interest, alternative remaining interests. Center, Inc., purchases 24,000 shares of Bruce Corporation, which equates to an 80% interest, on January 1, 2015. The following determination and distribution of excess schedule is prepared:
Bruce Corporation reports net income of $35,000 for the six months ended July 1, 2018. Center's simple-equity-adjusted investment balance is $864,000 as of December 31, 2017.
Prepare all entries for the sale of the Brown Corporation shares on July 1, 2018, for each of the following situations:
1. 24,000 shares are sold for $890,000.
2. 12,000 shares are sold for $455,000.
3. 6,000 shares are sold for $232,500.