On 1/1/2012 Company ABC acquires 35,000 shares of company XYZ at a cash price of $10 per share. Company XYZ has 80,000 shares issued and outstanding. On 6/15/12, Company XYZ declares dividends of $2 p

On 1/1/2012 Company ABC acquires 35,000 shares of company XYZ at a cash price of $10 per share. Company XYZ has 80,000 shares issued and outstanding. On 6/15/12, Company XYZ declares dividends of $2 per share. These dividends are paid on 7/1/12. For the period of 1/1/12 to 12/31/12 Company XYZ has a net loss of $650,000 and the market price of its shares is $12 per share.

Make the journal entries for Company ABC

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