On January 1, Kingbird Corporation purchased 35% of the out
On January 1, Kingbird Corporation purchased 35% of the outstanding… On January 1, Kingbird Corporation purchased 35% of the outstanding shares of Selig Company for $235,600. At December 31, Selig declared and paid a $62,000 cash dividend and reported net income of $99,200.Prepare the necessary journal entries for Kingbird Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCreditchoose a transaction dateenter an account titleenter a debit amount enter a credit amount enter an account titleenter a debit amount enter a credit amount choose a transaction dateenter an account title to record dividends receivedenter a debit amount enter a credit amount enter an account title to record dividends receivedenter a debit amount enter a credit amount (To record dividends received)choose a transaction dateenter an account title to record share of net incomeenter a debit amount enter a credit amount enter an account title to record share of net incomeenter a debit amount enter a credit amount (To record share of net income)Accounting Business Financial Accounting ACCOUNTING BBA 2301-1
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