Anzelmo Corporation invested in Jones Manufacturing by purchasing a 10% interest in the company.Anzelmo had no significant influence in Jones.Over time,Anzelmo acquired more shares in Jones,and in 2016,Anzelmo's president became a member of the board of directors when its ownership interest reached 30% of Jones.The cost basis of their investment is $2,000,000.Under the equity method,the valuation of the investment would be $2,400,000.The fair value of the investment is $2,600,000.What is the proper journal entry to properly record the change in accounting principal,ignoring income taxes?

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The Answer of Anzelmo Corporation invested in Jones Manufacturing by purchasing a 10% interest in the company.Anzelmo had no significant influence in Jones.Over time,Anzelmo acquired more shares in Jones,and in 2016,Anzelmo's president became a member of the board of directors when its ownership interest reached 30% of Jones.The cost basis of their investment is $2,000,000.Under the equity method,the valuation of the investment would be $2,400,000.The fair value of the investment is $2,600,000.What is the proper journal entry to properly record the change in accounting principal,ignoring income taxes?

Anzelmo Corporation Invested in Jones Manufacturing by Purchasing a 10