Journalize transactions for bark investment in iris stock

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Reference no: EM131819561

Question: Accounting for trading investments On January 1, 2016, Bark Company invests $11,000 in Iris, Inc. stock. Iris pays Bark a $200 dividend on July 1, 2016. Bark sells the Iris's stock on July 31, 2016, for $11,600. Assume the investment is categorized as a trading investment.

Requirements: 1. Journalize the transactions for Bark's investment in Iris's stock.

2. What was the net effect of the investment on Bark's net income for the year ended December 31, 2016?

Reference no: EM131819561

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