Flint Corporation purchased for $319,000 a 30% interest in Murphy, Inc. This investment enables Flint to exert significant influence over Murphy. During the year, Murphy earned net income of $193,000 and paid dividends of $54,000. Prepare Flint's journal entries related to this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record the purchase.) (To record the net income.) (To record the dividend.) Debit Credit

Flint Corporation purchased for $319,000 a 30% interest in Murphy, Inc. This investment enables Flint to exert significant influence over Murphy. During the year, Murphy earned net income of $193,000 and paid dividends of $54,000. Prepare Flint's journal entries related to this investment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record the purchase.) (To record the net income.) (To record the dividend.) Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 11P

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