James (investor) Corporation acquires 35% of the common shares of Heck (investee) Company for $300,000 on January 1, 2014.
For 2014, Heck reports net income of $50,000 and paid dividends of $16,000.
Instructions
a. Prepare the entries for these transactions that James Corporation would make in the space provided below.
b. Compute the balance in the stock investment account of James Corporation