On 1/1/2012 Company ABC gets 35,000 shares of company XYZ at a cash price of $10 per share. Company XYZ has 80,000 shares issued and outstanding. On 6/15/12, Company XYZ declares dividends of $2 per share. These dividends are paid on 7/1/12. For period of 1/1/12 to 12/31/12 Company XYZ has a total loss of $650,000 and the market price of its shares is $12 per share.
Make journal entries for Company ABC