Information pertaining to long-term stock investments in 2017 by Bell Corporation follows:
Acquired 18% of the 250000 shares of common stock of Kansas Company at a total cost of $8 per share on January 1 2017. On July 1 Kansas Company declared and paid a cash dividend of $2 per share. On December 31 Kansas's reported net income was $654000 for the year.
Obtained significant influence over Toto Company by buying 30% of Toto's 100000 outstanding shares of common stock at a total cost of $22 per share on January 1 2017. On June 15 Toto Company declared and paid a cash dividend of $1.50 per share. On December 31 Toto's reported net income was $280000.
Instructions
Prepare all necessary journal entries for 2017 for Bell Corporation.

Question

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The Answer of Information pertaining to long-term stock investments in 2017 by Bell Corporation follows:
Acquired 18% of the 250000 shares of common stock of Kansas Company at a total cost of $8 per share on January 1 2017. On July 1 Kansas Company declared and paid a cash dividend of $2 per share. On December 31 Kansas's reported net income was $654000 for the year.
Obtained significant influence over Toto Company by buying 30% of Toto's 100000 outstanding shares of common stock at a total cost of $22 per share on January 1 2017. On June 15 Toto Company declared and paid a cash dividend of $1.50 per share. On December 31 Toto's reported net income was $280000.
Instructions
Prepare all necessary journal entries for 2017 for Bell Corporation.

Information Pertaining to Long-Term Stock Investments in 2017 by Bell