Give the journal entries for each of these transactions

Reference no: EM13599099

Felicia Company acquired 21,000 of the 60,000 shares of outstanding common stock of Nueces Corporation during 2010 as a long-term investment. The annual accounting period for both companies ends December 31. The following transactions occurred during 2010:

Jan. 10 Purchased 21,000 shares of Nueces common stock at $12 per share.
Dec. 31 Nueces Corporation reported net income of $90,000.
Dec. 31 Nueces Corporation declared and paid a cash dividend of $0.60 per share.
Dec. 31 Determined the market price of Nueces stock to be $11 per share.

Requirement 2:
Give the journal entries for each of these transactions. (Enter the transactions in the order given in the question. Omit the "$" sign in your response.)

Date General Journal Debit Credit
January 10

December 31

December 31

Requirement 3:
Show how the long-term investment and the related revenue should be reported on the 2010 financial statements of Felicia Company. (Omit the "$" sign in your response.)

Balance Sheet-At December 31, 2010
Long-term Investments
Income Statement-For the Year Ended December 31, 2010

Reference no: EM13599099

Questions Cloud

Rothery co manufactures and sells medals for winners of : rothery co. manufactures and sells medals for winners of athletic and other events. its manufacturing plant has the

On june 32010 the firm of mcadams cooper and zhang decided : on june 32010 the firm of mcadams cooper and zhang decided to liquidate their partnership. the partners have capital

English how do you write an informative essay on a theme : how do you write an informative essay on a theme for fahrenheit 451. i need an answer real fast please help

Ajax company used a predetermined overhead rate using : ajax company used a predetermined overhead rate using estimated overhead of 320000 and 8000 estimated direct labor

Give the journal entries for each of these transactions : felicia company acquired 21000 of the 60000 shares of outstanding common stock of nueces corporation during 2010 as a

Afterr the accounts are closed on september 10 2010 prior : afterr the accounts are closed on september 10 2010 prior to liquidating the partnership the capital accounts of kris

Foster which uses the high-low method reported an average : foster which uses the high-low method reported an average cost of 24 per unit at its lowest activity level when

Linda wants to use the 235400 proceeds 155000 27000 53400 : linda clark received 165000 from her mothers estate. she placed the funds into the hands of a broker who purchased the

Desmond drury and ty wilkins have decided to form a : desmond drury and ty wilkins have decided to form a partnership. they have agreed that drury is to invest 20000 and

User Account

All Pages