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Prepare the general journal entry

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

Reference no: EM131622021

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