Homework Answers
| General Journal | Debit | Credit | ||
| 1 | Investment in L&K Corporation shares | 79.2 | =1.8*44 | |
| Cash | 79.2 | |||
| 2 | Cash | 36.8 | =0.8*46 | |
| Investment in L&K Corporation shares | 35.2 | =0.8*44 | ||
| Gain on sale of investments | 1.6 | |||
| 3 | Cash | 8.6 | =0.2*43 | |
| Investment in L&K Corporation shares | 8.0 | =0.2*40 | ||
| Gain on sale of investments | 0.6 | |||
| Workings: | ||||
| Shares held before stock dividend | 1 | =1.8-0.8 | ||
| Shares held after stock dividend | 1.1 | =1+(1*10%) | ||
| Net investment cost per share | 40 | =(1*44)/1.1 |
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