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Prepare journal entries to account for all the transactions

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Question - Zoom Company purchased 200 common stocks of Trading Co. in July/1/2020. with a par value of $5.00 for a market price of $ 10.00. After the transaction, Trading Co. total outstanding common stocks resulted at 1,200. On November 1, 2020 Trading Co. decleared a dividend payable on December 25, 2020 of $30,000. For that year, the total net income of Trading Co, was $ 120,000.

Required - Prepare the journal entries to account for all the transactions that occurred.

Reference no: EM132529742

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