Solution-Prepare journal entries for classic motifs co

Prepare journal entries for classic motifs co

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Reference no: EM133064635

Question - On April 4, 2021, Classic Motifs Co. purchased 5,200 common shares of New Age Designs Inc. at a price of $37 each.

On July 30, 2021, Classic Motifs Co. received a dividend of $1.25 per share on its investment in New Age Designs Inc.

On Classic Motifs Co.'s year end date of September 30, 2021, the common shares in New Age Designs Inc. were trading at $38 each.

On January 11, 2022, Classic Motifs Co. sold 75% of its shares in New Age Designs Inc. at $33 per share.

Classic Motifs Co. pays a 3% commission on all purchases and sales of securities.

Classic Motifs Co. uses the fair value through net income (FV-NI) method to account for its investment in New Age Designs Inc.

Required - Prepare journal entries for Classic Motifs Co. for each of the above transactions, including any applicable year end adjusting entries.

Reference no: EM133064635

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Prepare journal entries for classic motifs co

Reference no: EM133064635

Reference no: EM133064635

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