On January 1 Oetry Corporation purchased a 35% equity in Selig Company for $190000. At December 31 Selig declared and paid a $50000 cash dividend and reported net income of $80000.
Instructions
Prepare the necessary journal entries for Oetry Corporation.

Equity Interest

Ownership interest in a company, typically represented by stocks, indicating the holder's stake in the company's assets and earnings.

Cash Dividend

A payment made by a company out of its profits to its shareholders, usually in cash.

Net Income

The net income of a company once all costs and taxes are deducted from its total revenue.