Prepare the journal entry to record the sale of interest, Accounting Basics

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Prepare the journal entry to record the sale of interest

Problem

Sag Corporation is a 80% owned subsidiary of Pan Corporation, Pan Investment in sag account at January 1, 2012 has balance of 288000, Sag stockholders equity at January1, 2012 consists of 200000 capital stock and 100000 retained earnings, during 2012 sage reports income of 40000 and it pays dividends of 20000 on July 1If Pan sells a 10 percent interest in sag on June 1, 2012 for 50000

Task

Prepare the journal entry to record the sale of interest.

Prepare the work paper entries to reduce the investment in sag after sale of interests.

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Accounting Basics: Prepare the journal entry to record the sale of interest

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Accounting Basics: Prepare the journal entry to record the sale of interest

Reference No:- TGS03251297

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