Prepare the journal entries made under both cost method, Financial Accounting

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Prepare the journal entries made under both cost method

Problem

Jax Company purchased 90% of the outstanding common stock of Steve Company on January 1, 2014 for $1,000,000. During the next three years, Jax had the following income and dividends paid:

Year:    Income: Dividends:
2014    $10,000     0
2015      $10,000         0
2016    $45,000        $35,000

Prepare the journal entries made under both COST METHOD and EQUITY METHOD and then compute the ending balance in the "investment" account for both methods.

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Financial Accounting: Prepare the journal entries made under both cost method

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