Business, 03.08.2020 17:01, Jackson4568

Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 2014 for $406,000. At the time of purchase, Song Company’s total stockholders’ equity amounted to $480,500. Income and dividend distributions for Song Company from 2014 through 2016 are as follows: 2014 2015 2016 Net Income (loss) $60,600 $53,900 ($57,200 ) Dividend distribution 23,800 50,600 36,300 Required:Prepare journal entries on the books of Percy Company from the date of purchase through 2016 to account for its investment in Percy Company.

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Percy Company purchased 80% of the outstanding voting shares of Song Company at the beginning of 201...