The owners of my corporation purchased 264k shares of stock from a company that they own 15% of - they want this to be shown on the balance sheet account...what journal entries do I need to make to reflect this?

The question is, how do the currently report the 15% that they own?

Probably be best to use the same method.

Interesting, I took this to mean that the purchase created the 15% ownership. So, is this in addition to 15% that was already owned? If so, what's the total new percentage of ownership?

Morgaine,

You could very well be right as your thinking is how I initially thought as well.

But what lead me to believe this might be an additional purchase was,

“The owners of my corporation purchased 264k shares of stock from a company THAT THEY own 15%”


THAT THEY…as in, they already owned 15% of this company, and now they just bought 264K more shares.

This could simply be a case of bad English though.

This could simply be a case of bad English though.

Yeah. :D From all my years of working with students, I've gotten used to the bad grammar and having to re-interpret and ask questions to get the real meaning. It's always fun to go around in circles for an hour, just to find out someone's just not saying what they mean.