Question

Manchester Today Publishers completed the following investment transactions during 2018 and 2019: A (Click the icon to view the transactions.) Requirements 1. Journalize Manchester Today's investment transactions. Explanations are not required. 2. On December 31, 2018, how would the Golden stock be classified and at what value would it be reported on the balance sheet? Requirement 1. Journalize Manchester's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Dec. 6, 2018: Purchased 3,000 shares of Golden stock at a price of $16.00 per share, intending to sell the investment next month. Manchester did not have significant influence over Golden. Date Accounts Debit Credit 2018 Dec. 6 0 More Info 2018 Dec. 6 Purchased 3,000 shares of Golden stock at a price of $16.00 per share, intending to sell the investment next month. Manchester did not have significant influence over Golden. 23 Received a cash dividend of $1.10 per share on the Golden stock. 31 Adjusted the investment to its market value of $12.00 per share. 2019 Jan. 27 Sold the Golden stock for $13.30 per share. Print Done

Answer 1

Journal Entries 2018 Dec 6 Accounts Debit coredit Golden stock Alc or $48,000 To Bank Ale (3000 shares xt16) $48,000 23 Bank Alc or $3,300 To dividend Alc (3000 shares x$1.1) $3,300 31 Loss on stock Alc ar $12,000 To Golden storale (3000 x$16-$12) $12,000 وأمة Jan 27 $39,900 Bank ale Dr To Golden stockale (3000 x $ 13-3) $39,900

Journal Entries Debit Credit 2018 Accounts $400,000 Jan 9 $ 400,00 5 %. Bonds Alc To Bank Alc