Fish Galore Corp. bought 25% of Fin Chaser Corporation's stock for $70,000 on January 1, 2017. During 2017, Fin
Chaser earned $25,000 of net income , and Fin Chaser distributed $15,000 of dividends on December 31, 2017.
Required:
Present all related 2017 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, 2017. During 2017, Fin
Chaser earned $25,000 of net income , and Fin Chaser distributed $15,000 of dividends on December 31, 2017.
Required:
Present all related 2017 entries on Fish Galore Corp.'s books, including the January 1 investment.