Give the journal entries for each of these transactions

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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

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