Journalize the entry for the receipt of dividends

Assignment Help Accounting Basics

Reference no: EM132772241

Question - Entries for Equity Investments: Less than 20% Ownership - On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock of Jupiter Co. at $25 plus commission charges of $680. On June 1, a cash dividend of $1.70 per share was received. On November 12, 7,000 shares were sold at $31 less commission charges of $100. At the end of the accounting period on December 31, the fair value of the remaining 27,000 shares of Jupiter Company's stock was $25.52 per share.

Required -

a. Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank.

b. Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank.

c. Using the cost method, journalize the entry for the sale of 7,000 shares. If an amount box does not require an entry, leave it blank.

d. Using the cost method, journalize the entry for the change in fair value. If an amount box does not require an entry, leave it blank.

Reference no: EM132772241

Questions Cloud

Prepare financial statements for the business for the month : Prepare financial statements for the business for the month of January 2003. On January 3, 2003, Alemu Haba, an ex-manager of the CBE Finfine Branch

Discuss the wireless spectrum : Discuss the wireless spectrum and how it relates to a wireless network. How might that difference affect data security over a Wi-Fi network?

What is the rationale presented for the change : Consider an organizational change that you are familiar with. Provide an evaluation of the change initiative, and then respond to the following questions.

Discuss what power in context of leadership : Discuss what power in the context of leadership is and how it relates to bullying within organizations. Also note how this impacts productivity.

Journalize the entry for the receipt of dividends : Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank

Why audit work should not be assigned solely : List and discuss the reasons why audit work should not be assigned solely according to asset, liability, and income and expense categories.

Construct a scatter diagram for the data about productivity : Construct a scatter diagram for the data about productivity and absenteeism then interpret the possible relationship that can be found

Influences the implementation of innovative technologies : This journal article focuses on attribution theory and how it influences the implementation of innovative technologies

Make the journal entry to record the issuance of the bonds : The bonds pay annual interest on January 1. Make the journal entry to record the issuance of the bonds on January 1, 2020

User Account

All Pages