Reference no: EM13940562
On January 4, Year 1, Larsen Company purchased 13,500 shares of Warner Company for $162,000 plus a broker's fee of $4,400. Warner Company has a total of 67,500 shares of common stock outstanding and it is presumed the Larsen Company will have a significant influence over Warner. During each of the next two years, Warner declared and paid cash dividends of $0.75 per share, and its net income was $123,000 and $118,000 for Year 1 and Year 2, respectively. The January 12, Year 3, entry to record the sale of 8,100 shares of Warner Company stock for $109,350 cash should be:
Ø Debit Cash $109,350; debit Loss on Sale of Investment $9,510; credit Long-Term Investments $99,840.
Ø Debit Cash $109,350; debit Loss on Sale of Investment $7,260; credit Long-Term Investments $116,610.
Ø Debit Cash $109,350; debit Loss on Sale of Investment $20,250; credit Long-Term Investments $89,100.
Ø Debit Cash $109,350; debit Loss on Sale of Investment $20,250; credit Long-Term Investments $129,600.
Ø Debit Cash $109,350; debit Loss on Sale of Investment $57,050; credit Long-Term Investments $166,400.
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: Larsen Company purchased 13,500 shares of Warner Company for $162,000 plus a broker's fee of $4,400. Warner Company has a total of 67,500 shares of common stock outstanding and it is presumed the Larsen Company will have a significant influence over ..
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