Prepare journal entries for ownership

Reference no: EM1355979

Prepare the journal entries that Kramer Corporation should record for these transactions and events. Please show me the calculations.

Kramer Corporation had the following long-term investment transaction.

Jan 2 Purchased 5000 shares of Optic, Inc. for $42 per share plus $7000 in fees and commission. These shares represent a 35% ownership of Optic.

Oct 15 Received Optic, Inc. cash dividend of $2 per share.

Dec 31 Optic reported a net loss of $66,000 for the year.

Reference no: EM1355979

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