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Simon Company purchased 35,000 shares of common stock of Boynton Corporation as a long-term investment for $900,000. During the year, Boynton Corporation reported net income of $300,000 and paid dividends of $100,000.
Required:
Question (a) Assuming that the 35,000 shares represent a 10% (not influential) interest in Boynton Corporation and that fair value is not readily determinable for Boynton's shares:
1. Prepare the journal entry to record the investment in Boynton stock.
2. Prepare any entries that Simon Company should make in accounting for its investment in Boynton stock during the year.
3. What is the balance of the Stock Investments account on Simon Company's books at the end of the year?
Question (b) Repeat requirement (a) above except assume that the 35,000 shares represent a 20% (influential) interest in Boynton Corporation.
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