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4) On January 1, Austin Corporation purchased 30% of the outstanding voting common stock of San Marcos Industries common stock for $270,000 cash. On that date, the book value and fair value of the net assets of San Marcos Industries were $900,000. On June 30, San Marcos paid cash dividends of $20,000 to its shareholders. San Marcos' net income as of December 31 was $120,000. The fair value of the shares on December 31 was $300,000. Prepare the journal entries necessary to record the above transactions on Austin Corporation's books during the year. Jan 1 June 30 Dec 31 5) Mega Corporatio pension cost for them

          4) On January 1, Austin Corporation purchased 30% of the outstanding voting common
stock of San Marcos Industries common stock for $270,000 cash. On that date, the
book value and fair value of the net assets of San Marcos Industries were $900,000.
On June 30, San Marcos paid cash dividends of $20,000 to its shareholders. San
Marcos' net income as of December 31 was $120,000. The fair value of the shares on
December 31 was $300,000.
Prepare the journal entries necessary to record the above transactions on Austin
Corporation's books during the year.
Jan 1
June 30
Dec 31
5) Mega Corporatio
pension cost for them

4) On January 1, Austin Corporation purchased 30% of the outstanding voting common
stock of San Marcos Industries common stock for 270,000 cash. On that date, the
book value and fair value of the net assets of San Marcos Industries were900,000.
On June 30, San Marcos paid cash dividends of 20,000 to its shareholders. San
Marcos' net income as of December 31 was120,000. The fair value of the shares on
December 31 was 300,000.
Prepare the journal entries necessary to record the above transactions on Austin
Corporation's books during the year.
Jan 1
June 30
Dec 31
5) Mega Corporatio
pension cost for them

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