on january 2 2017 alpha company purchased 10 000 shares of thestock of zulu company 3732796

On January 2, 2017, Alpha Company purchased 10,000 shares of thestock of Zulu Company, and did not obtain significant influence.The investment is intended as a long-term investment. The stock waspurchased for $10 per share, and represents a 12% ownership stake.Zulu Company made $25,000 of net income in 2017, and paid dividendsof $11,000 on December 15, 2017. On December 31, 2017, ZuluCompany’s stock was trading on the open market for $9 per share atthe end of the year. Use this information to prepare the GeneralJournal entry(ies) (without explanation) for January 2 purchase andthe December 15 & 31, 2017 record of income & gain/loss. Ifno entry is required then write “No Entry Required.”

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