Business, 24.10.2019 04:00 zubaira5798

On december 12, 2018, an equity investment costing $80,000 was sold for $100,000. the investment was carried in the balance sheet at $75,000, and was accounted for under the equity method. an error was made in which the total of the sale proceeds was credited to the investment account. required: 1. & 2. prepare the following journal entries (ignore income taxes). (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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On december 12, 2018, an equity investment costing $80,000 was sold for $100,000. the investment was...

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