On jan 1 2009 xyz co purchased 12000 shares of abc co for, Financial Accounting

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On jan 1 2009 xyz co purchased 12000 shares of abc co for

On Jan 1, 2009 XYZ Co purchased 12,000 shares of ABC Co for $15 a share. ABC has 100,000 shares outstanding. ABC reported net income of $60,000 and paid dividends of $5,000. On Dec 31, 2009 ABC had a market value of $17 a share. XYZ accounts for this investment as available for sale.

Make the appropriate journal entries for 2009. A) Purchase B) Receipt of dividends C) Yearend adjustments

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Financial Accounting: On jan 1 2009 xyz co purchased 12000 shares of abc co for

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