Exercise 1717 on January 1 2017 Riverbed Corporation purchas

Exercise 17-17 on January 1, 2017, Riverbed Corporation purchased 20% of the common shares of Marin Company for $191,000. During the year, Marin earned net income of $71,000 and paid dividends of $17,750 Prepare the entries for Riverbed to record the purchase and any additional entries related to this investment in Marin Company in 2017. (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 for the amounts.) Account Titles and Explanatin Debit To record purchase of stock To recond eceipt of ividends To record evenie Click if you would like to Show Work for this questions Open Show Work Quation Attmpts: O of 5 uaedSaVE FOR LATER

Solution

Account Title

Debit

Credit

Investment in Stock

191000

Cash

191000

Investment in stock

14200

Equity in Subsidiary income (71000 x 20%)

14200

Cash

3550

Investment in stock (17750 x 20%)

3550

Account Title	Debit	Credit
Investment in Stock	191000
Cash		191000
Investment in stock	14200
Equity in Subsidiary income (71000 x 20%)		14200
Cash	3550
Investment in stock (17750 x 20%)		3550