Problem
Assume that on December 31, 2014, HassenCo's Investment in Sultan account has a balance of $510,000. Also, assume that Hassen's 80% interest in Salt has a fair value of $750,000. On January 1, 2015, Hassen sells half (remaining 40%) of Sultan's shares for $200,000. 4 Marks
Required:
1- Find the value of remaining investment and the gain on sale for Hassen Co. (Show your calculation)
2- Prepare the appropriate journal entry of the sale gain and deduction of the investment for Hassen Co.