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As financial reporting advisors, we are asked by the head of Sterling Company to advise in accounting for stock investments. This is the first year Sterling had extra cash to invest in stock investments, and it purchased 1,000 shares of LDX for $23 on January 1 of this year. The Tableau Dashboard is provided to aid us in our analysis.
Problem 1. Prepare Sterling's journal entry to record the receipt of dividends on LDX stock on May 10 and November 12.
Problem 2. Prepare Sterling's December 31 year-end adjusting entry to report its stock investments with insignificant influence at fair value.
Problem 3. Sterling sells a portion of its LDX stock (for $550 cash that had cost $400) on January 3 of next year. Prepare the entry for the sale of those stock investments.
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