On January 1, Marin Corporation purchased 35% of the outstanding shares of Selig Company for $243,200. At December 31, Selig declared and paid a $64,000 cash dividend and reported net income of...

Unit IV question 1

Extracted text: On January 1, Marin Corporation purchased 35% of the outstanding shares of Selig Company for $243,200. At December 31, Selig declared and paid a $64,000 cash dividend and reported net income of $102,400. Prepare the necessary journal entries for Marin Corporation.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record dividends received) (To record share of net income) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer