Business, 06.05.2020 08:37 taniyahbenyamin2

Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,111,200 for 46,300 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $788,000 for 2021. The fair value of Kulikowski’s stock was $27 per share at December 31, 2021. Assume that the security is a trading security.

Prepare the journal entries for Teal Inc. for 2020 and 2021, assuming that Phelps cannot exercise significant influence over Kulikowski. The securities should be classified as available-for-sale.

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Teal Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 20...

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