Gender Studies homework help
(stock acquisition) Dud company purchased 90% of the outstanding common stock of Sine Company on January 1, 2010 for $720,000. The composition of Sine Company’s stockholders’ equity on January 1, 2010 and December 31,2013 was: 1/1/2010 12/31/13 Common stock $550,000 $550,000Other contributed income 360,000 360,000Retained Earning(deficit)( beginning bal.) (150,000) (50,000)total stockholders’ equity $760,000 $960,000During 2013, Since Company earned $85,000 net income and declared a $35,000 dividend. Any difference between cost and book value relates to land. Dud company uses the Partial equity method to record its investment in Sine Company.required:A. Prepare any journal entries that Dud Company would make on its books during 2013 to record the effects of its investment in Sine Company.B. Prepare, in general journal form, all work paper entries needed for the preparation of a consolidated statements work paper on December 31, 2013.