Refer to the above facts. Assume that, in addition to the revenue and expenses it recognized for Sable Company's operations, Pastel Corporation had net sales of $4,800,000 and total costs and expenses of $3,300,000, but declared no dividends.
Prepare closing entries (omit explanations) on March 31, 2006, for Pastel Corporation under the:
a. Equity method of accounting
b. Cost method of accounting

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The Answer of Refer to the above facts. Assume that, in addition to the revenue and expenses it recognized for Sable Company's operations, Pastel Corporation had net sales of $4,800,000 and total costs and expenses of $3,300,000, but declared no dividends.
Prepare closing entries (omit explanations) on March 31, 2006, for Pastel Corporation under the:
a. Equity method of accounting
b. Cost method of accounting

Refer to the Above Facts