On January 1, Lance Corporation purchased a 30% equity in Sloan Company for $140,000. At December 31, Sloan declared and paid a $40,000 cash dividend and reported net income of $100,000.
Instructions
Prepare the necessary journal entries for Lance Corporation.

Question

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The Answer of On January 1, Lance Corporation purchased a 30% equity in Sloan Company for $140,000. At December 31, Sloan declared and paid a $40,000 cash dividend and reported net income of $100,000.
Instructions
Prepare the necessary journal entries for Lance Corporation.

On January 1, Lance Corporation Purchased a 30% Equity in Sloan