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On January 1, 2020, Metlock Corporation purchased 20% of the outstanding voting shares in WHT Corporation for $1,240,000. At the time of purchase, WHT's property plant and equipment were undervalued by $46,800 and had a remaining useful life of 12 years. Both companies had a December 31 year-end. For the year ended December 31, 2020, WHT reported a net income of $311,000. On December 15, 2020, WHT declared a cash dividend for its shareholders of $140,000 that was paid on January 10, 2021. Also, on December 31, 2020, the fair value of the investment in WHT shares was $1,370,000.
Problem 1: Prepare the journal entries on the books of Metlock Corporation to record the transactions described above, assuming that the 20% interest in WHT represents significant influence.
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