Question - Myers CCo. acquired a 60% interest in Gannon Corp on Dec. 31, 2010 for $945,000. During 2011, Gannon had a net income of $600,000 and paid cash dividends of $150,000.
a) Prepare the journal entries for Myers Co. for 12/31/2010.
b) Prepared the required journal entries for Myers for 2011.