Question - Prepare journal entries for the following transactions for Zenco Co.
a- Zenco Co purchased 35,000 shares of the total 50,000 shares (70%) of Litro Corp for $725,000.
b- Litro Corp total earnings for the period were $160,000.
c- Litro Corp paid a total of $50,000 in cash dividends.
d- Zenco sold the 35,000 shares of Litro Corp for $1,350,000.