Glaser Services acquired 30% of the outstanding common stock of Nickels Company on Jan. 1, 2008, by paying $840,820 for the 49,460 shares. Nickels declared and paid $0.40 per share cash dividends on Mar. 15, June 15, Sept. 15, and Dec 15, 2008. Nickels reported net income of $371,100 for the year. At Dec. 31, 2008, the market price of Nickels common stock was $26 per share.
Prepare the jounal entries for Glaser Services for 2008 assuming Glaser cannot exercise significant influence over Nickels.(use the cost method and assume that Nickels common stock should be classified as a trading security.)
Also, prepare the journal entries for Glaser Services for 2008, assuming Glaser can exercise significant influence over Nickels. Use the equity method. (Jan. 1, Mar. 15, June 15, Sept. 15, Dec. 15, Dec. 31)
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