## Answers

Percentage of ownership | 20% | =10000/50000 |

Purchase cost of investment | 121000 | =119000+2000 |

Add: Share of net profit | 27800 | =(72000+67000)*20% |

Less: Dividends received | -17000 | =10000*0.85*2 |

Carrying value of investment | 131800 | |

Carrying value of investment sold | 65900 | =131800*5000/10000 |

Loss on sale of investment | 900 | =65900-65000 |

The January 12, Year 3 entry to record the sale of 5,000 shares of Warner Corp for $65,000 should be: |

Debit Cash $65,000 ; debit Loss on sale of investment $900 ; credit Long Term investments $65,900 |

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