How can I prepare the journal entry for this . I prepared but not sure whether it is right or not.
Dec. 31
Goreten announced that net income for the year is $1,633,800.
Dec. 31
Debit ::Earnings from Long-Term Investment



Credit::Income Earned


Please tell me whether it is right or not

Can you give a few more details please? There must be more to this question... like is Goreten a subsidiary of the company you are doing the entires for? If so how much ownership or control does the parent have over its subsidiary?

Or Goreten is the only company in question, either way need more info.

Also please post your homework questions here:

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How can I prepare a journal entry using the following info... What would the journal entry look like?

March 1 Began business by making a deposit in a company bank account of $72,000.00, in exchange for 7,200 shares of $10 par value common stock.

March 1.. paid the current month's rent of 4500.00

March 1.. paid the premium on a one year insurance policy, 3300.00