On January 1, 2020, HND Industrial Products Company acquired 400,000 shares at $ 50 per share of XYZ Cables Company, which represents 20% ownership. Required Record the following transactions in the...

Extracted text: On January 1, 2020, HND Industrial Products Company acquired 400,000 shares at $ 50 per share of XYZ Cables Company, which represents 20% ownership. Required Record the following transactions in the books of HND Industrial Products Company. (assuming there is significant influence and insignificant influence) (a) Record the acquisition entry done by HND Company on January 1, 2020 (b) The XYZ Cables had reported net income of $ 800,000 for the year 2020 (c) XYZ cables announced and paid cash dividends of $ 200,000, (d) On December 31, 2020, XYZ Cables shares have been valued at $ 52 per share, and HND still owns 400,000 shares On December 31, 2021, XYZ Cables shares would be valued at $ 51 per share, and HND Company will own 400,000 shares