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Prepare the required journal entries

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Question - On January 1, 2021, Headlands Ltd., a private company reporting under ASPE, purchased 25% of the common shares of Blue Corporation for $203,000. Blue reported profit of $99,000 for 2021 and paid dividends of $13,900 on December 31, 2021. Headlands's year end is December 31.

Assuming that there is not a quoted market price for Blue's shares, and that Headlands elects to report investments with significant influence using the cost method, prepare the required journal entries.

Reference no: EM132509715

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