On January 1, 2016, Calco Company sells 10,000 shares of common stock at $60 per share in a public offering. Assuming the parent uses the simple equity method, prepare all parent company entries...

On January 1, 2016, Calco Company sells 10,000 shares of common stock at $60 per share in a public offering.

Assuming the parent uses the simple equity method, prepare all parent company entries required for the issuance of the shares.

Assume the following alternative situations:

1. Artic Company purchases 8,000 shares.

2. Artic Company purchases 9,000 shares.

3. Artic Company purchases 5,000 shares.

Suggestion: It is helpful to use a 3-column table which, for each case, organizes the changes in ownership interest. See the schedule on page 441.