On January 3, 2011, Roberts Company Purchased 30% of the 100,000

question 1

Multiple Choice

On January 3, 2011, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. There was no goodwill or other cost allocation associated with the investment. Roberts has significant influence over Thomas. During 2011, Thomas reported income of $300,000 and paid dividends of $100,000. On January 4, 2012, Roberts sold 15,000 shares for $800,000.
What is the appropriate journal entry to record the sale of the 15,000 shares?

• A) A Above.
• B) B Above.
• C) C Above.
• D) D Above.
• E) E Above.

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