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Prepare the entries to record receipt of dividends

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Question - XYZ purchased $100,000 equity interest in Z-Tech, Inc, on January 1, 2020. On November 30. 2020, Z-Tech paid dividends of $3,000 to XYZ. At December 31, 2020, XYZ's holdings in Z-Tech is valued at $101,000. Prepare the entries necessary to record (1) the purchase of the investment, (2) the receipt of dividends and (3) year-end adjusting entry assuming that XYZ uses the Available for Sale method to account for this investment.

Reference no: EM132540951

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