Homework Answers
| Answer | ||
| ACCOUNT TITLE | DEBIT | CREDIT |
| Stock Investments | $ 780,000 | |
| To Cash | $ 780,000 | |
| (To record Purchase 50% of the common shares of Edwards) | ||
| Cash 32,500 (65,000 * 50%) | $ 32,500 | |
| To Stock investments | $ 32,500 | |
| (To record Dividend received on stock investments) | ||
| Stock investments 12,45000 (50% * 24,90000) | $ 1,245,000 | |
| To Investments Revenues | $ 1,245,000 | |
| (To record Revenues received on stock investments) | ||
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4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 50% of the common shares...
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4- (Valor 10 puntos) On January 1, 2007, Pennington Corporation purchased 427 of the common shares of Edwards Company for $580.500. During the year. Edwards earned net income of $298.000 and paid dividends of $63.000 Instructions Prepare the entries for Pennington to record the purchase and any additional entries related to this investment in Edwards Company in 2007 GENERAL JOURNAL PAGE 1 DATE DESCRIPTION CREDIT PR DEBIT
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any additional entries related to this investment in Larkspur
Company in 2020. (Credit account titles are automatically indented
when amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and...
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