On January 1,2014,Palsoe Corp.acquired 30 percent (13,000 shares)of Nostay Services Inc.common stock for $1,300,000 as a long-term investment.Data from Nostay's 2014 financial statements include the following:
The market value of Nostay Services Inc.common stock on December 31,2014,was $98 per share.Palsoe does not have any other noncurrent investments in securities.
Prepare the necessary journal entries for Palsoe's investment in Nostay Services Inc.common stock under

Question

On January 1,2014,Palsoe Corp.acquired 30 percent (13,000 shares)of Nostay Services Inc.common stock for $1,300,000 as a long-term investment.Data from Nostay's 2014 financial statements include the following:
  The market value of Nostay Services Inc.common stock on December 31,2014,was $98 per share.Palsoe does not have any other noncurrent investments in securities.
Prepare the necessary journal entries for Palsoe's investment in Nostay Services Inc.common stock under

Quizplus · Accepted Answer

The Answer of On January 1,2014,Palsoe Corp.acquired 30 percent (13,000 shares)of Nostay Services Inc.common stock for $1,300,000 as a long-term investment.Data from Nostay's 2014 financial statements include the following:
  The market value of Nostay Services Inc.common stock on December 31,2014,was $98 per share.Palsoe does not have any other noncurrent investments in securities.
Prepare the necessary journal entries for Palsoe's investment in Nostay Services Inc.common stock under