On March 1, Year 1, Chase Inc. purchases 35% of the outstanding shares of Glory Corporation stock for $325,000. On December 31, Year 1, Glory reports net income of $162,000. On January 15, Year 2, Glory pays total dividends to stockholders of $33,000.

Journalize the three transactions.

Question

Journalize the three transactions.

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The Answer of On March 1, Year 1, Chase Inc. purchases 35% of the outstanding shares of Glory Corporation stock for $325,000.  On December 31, Year 1, Glory reports net income of $162,000.  On January 15, Year 2, Glory pays total dividends to stockholders of $33,000.

Journalize the three transactions.