XYZ Company had the following transactions related to ABC Company over a two-year period: Year 1 1..

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XYZ Company had the following transactions related to ABC Company over a two-year period: Year 1 1. On January 1, XYZ purchased 35 percent ownership of ABC Company for $700,000 cash. 2. ABC Company had net income of $70,000 for the year. 3. At year-end, ABC Company paid its shareholders dividends of $60,000. Year 2 1. XYZ Company purchased on January 1 an additional 5 percent of ABC Company s stock for $75,000 cash. 2. ABC Company declared a 10 percent stock dividend. 3. ABC Company had net income of $150,000 for the year. 4. At year-end, ABC Company paid its shareholders dividends of $100,000. Required: Prepare the journal entries for XYZ Company s books for the above transactions.

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