11 Mar Visage Cosmetics is a public company and, where it
Visage Cosmetics is a public company and, where it has the choice, reports gains and losses on investments in other comprehensive income. Visage had the following transactions in 2014: 1. Visage Cosmetics acquires 40% of Diner Limited s 30,000 common shares for $18 per share on January 2, 2014. On June 15, Diner pays a cash dividend of $30,000. On December 31, Diner reports profit of $380,000 for the year. At December 31, Diner shares are trading at $22 per share. 2. Visage Cosmetics acquires 10% of Image Fashion Inc. s 400,000 common shares for $12 per share on March 18, 2014. On June 30, Image Fashion pays a cash dividend of $44,000. On December 31, Image Fashion reports profit of $252,000 for the year. At December 31, Image Fashion shares are trading at $11 per share. Instructions Record the above transactions and any required adjusting journal entries for the year ended December 31, 2014, assuming Visage Cosmetics intends to hold both investments for strategic purposes.
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