Journal entries to apply the equity method of accounting for investments in securities
17. Journal entries to apply the equity method of accounting for investments in securities. Wood Corporation made three long-term intercorporate investments on January 2. Data relating to these investments for the year appear next.
| Carrying | |||||
| Value and | |||||
| Fair Value of |
Net |
Dividends | |||
| Identifiable | Income | Declared | |||
| Percentage | Net Assets | Acquisition | (Loss) for | During | |
| Company | Acquired | on January 2 |
Cost |
the Year | the Year |
| Knox Corporation . . . . . . | 50% | $700,000 | $350,000 | $ 70,000 | $30,000 |
| Vachi Corporation . . . . . . |
30 |
520,000 | 196,000 | 40,000 | 15,000 |
| Snow Corporation . . . . . . |
20 |
400,000 | 100,000 | (24,000) | — |
Give the journal entries to record the acquisition of these investments and to apply the equity method during the year. There are no goodwill impairments.
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