Prepare the entry to be made on the books of Plutonium Corporation to record its investment in Sulfurst Inc.
Assume that during the first two years after acquisition of Sulfurst Inc., Sulfurst reports the following changes in its retained earnings:
Retained earnings, January 1, 2017 $129,200 Net income, 2017 41,200 Less: dividends, 2017 (24,000 )
Net income, 2018 44,300 Less: dividends, 2018 (23,400 )
Retained earnings, December 31, 2018 $167,300 (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit