Touche Corporation reported net income of $1,600,000 for 2014 and $2,000,000 for 2015.


QUESTION :

Touche Corporation reported net income of $1,600,000 for 2014 and $2,000,000 for 2015. Touche paid dividends of $400,000 on December 6, 2014 and $500,000 on December 5, 2015.

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Instructions

(a) Prepare all journal entries for Deloitte Corporation for 2014 and 2015 that relate to this investment.

(b) Indicate the amount that should appear as investment income on Deloitte’s income statement for (1) the year ending December 31, 2014, and (2) the year ending December 31, 2015.

(c) Indicate the amount that should appear as the balance of Deloitte’s investment on: (1) the balance sheet at December 31, 2014, and (2) the balance sheet at December 31, 2015.

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