Totalsham Company purchased 15% of Estella at a cost of $200,000 on January 1, 2016. At the time, there was no significant influence and the securities were considered available for sale. Estella reported earnings in 2016 of $80,000 and paid dividends of $30,000. At the end of 2016, the value of Estellaâs stock held by Totalsham had declined to $185,000.
2. Assume the same facts in problem number 3 above, except that Totalsham purchased 25% of Estella for $200,000 and has significant influence.
Record the journal entries for 2016 on the books of Totalsham regarding the events of Estella.
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