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Write general journal entries to record each transaction

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Reference no: EM132599400

The following events are for King Investment Inc.:

2020

Feb. 25    Purchased 187,600 shares of Jack Inc. common shares for $175,900. Jack has 938,000 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by King.

Oct. 1     Jack declared and paid a cash dividend of $0.45 per share.

Dec. 31    Jack announced that profit for the year amounted to $669,000.

2021

April 1      Jack declared and paid a cash dividend of $0.46 per share.

Dec. 31   Jack announced that profit for the year amounted to $752,100.

31         King sold 79,000 shares of Jack for $113,820.

Required:

Question 1: Write general journal entries to record each transaction. (Round per share calculations to 2 decimal places. Round your final answers to the nearest dollar.)

Reference no: EM132599400

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