On march 31, 2018, chow brothers, inc., bought 10% of kt manufacturing’s capital stock for $50 million. kt’s net income for the year ended december 31, 2018, was $80 million. the fair value of the shares held by chow was $35 million at december 31, 2018. kt did not declare or pay a dividend during 2018. required: 1. prepare all appropriate journal entries related to the investment during 2018. 2. assume that chow sold the stock on january 20, 2019 for $30 million. prepare the journal entries to record the sale.
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On march 31, 2018, chow brothers, inc., bought 10% of kt manufacturing’s capital stock for $50 milli...
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