Fredo Inc purchased 10% of Sonny Enterprises for 1000000 on Jan 1 2016 Sonny recognized a total of 400000 net income during 2016, paid 30000 of dividend to redo during 2016 and december 31 2016, the market value of the sony investment increased to 1040000. prepare the journal entries necessary to account for th e Sonny investment as 1 available for sale investment and 2 elects the fair value option.
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Fredo Inc purchased 10% of Sonny Enterprises for 1000000 on Jan 1 2016 Sonny recognized a total of 400000 net income during 2016, paid 30000 of
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