Z corp acquired a 25% interest in Y Co. on January 1, 2010 for $500000. at that time Y had 1000000 shares of its $1 par common stock issued and outstanding. During 2010, Y paid cash dividends of $160000 and thereafter declared and issued a 5% common stock dividend when the market value was $2 per share. Y's net income for 2010 was $360000.Prepare the journal entries to record the above transactions.
Investment on equity securities question PLS HELP?
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