Business, 08.11.2019 03:31 jonathanmagana112002

On january 4, 2013, mason co. purchased 40,000 shares (40%) of the common stock of hefly corp., paying $560,000. at that time, the book value and fair value of hefly's net assets was $1,400,000. the investment gave mason the ability to exercise significant influence over the operations of hefly. during 2013, hefly reported income of $150,000 and paid dividends of $40,000. on january 2, 2014, mason sold 10,000 of their 40,000 shares for $150,000. what is the appropriate journal entry to record the sale of the 10,000 shares? a) cash 150,000 10,000 loss on sale of investment investment in hefly 160,000 b) cash 150,000 investment in hefly gain on sale of investment 130,000 20,000 c) cash 150,000 1,000 loss on investment investment in hefly 151,000 d) cash 150,000 investment in hefly gain on sale of investment 149,000 1,000

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On january 4, 2013, mason co. purchased 40,000 shares (40%) of the common stock of hefly corp., payi...

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