Record all necessary journal entries for saddle

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Question - Saddle Co. had the following securities listed on its balance sheet as of December 31, 2003:

Company

Classification

No. of Shares

Cost

Brittle Co.

Trading

5000

$90,000

Cactus Co.

Available-for-sale

1500

$45,000

Pack Co.

Equity

1200 (60%)

$84,000

During 2004:

Brittle Co. paid cash dividends of $2.00 per share and had net income of $250,000.

Cactus Co. did not pay any dividends and had net income of $78,000.

Pack Co. paid dividends of $3.00 per share and had net income of $180,000.

Saddle Co. sold 200 shares of Brittle at $15 per share and sold 50 shares of Cactus for $32 per share

Required- Record all necessary journal entries for Saddle Co. during 2004.

Reference no: EM132080971

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