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a)
Prepare journal entries as follows:
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(a) Prepare the journal entries for Heidebrecht Design for 2020 assuming Heidebrecht Design cannot exercise significant...
Heidebrecht Design acquired 30% of the outstanding common stock of Pharoah Company on January 1, 2020,...
Heidebrecht Design acquired 30% of the outstanding common stock
of Pharoah Company on January 1, 2020, by paying $681,000 for the
45,400 shares. Pharoah declared and paid $0.30 per share cash
dividends on March 15, June 15, September 15, and December 15,
2020. Pharoah reported net income of $398,500 for the year. At
December 31, 2020, the market price of Pharoah common stock was $26
per share.
Prepare the journal entries for Heidebrecht Design for 2020
assuming Heidebrecht Design cannot...
Heidebrecht Design acquired 20% of the outstanding common stock of Sunland Company on January 1, 2020,...
Heidebrecht Design acquired 20% of the outstanding common stock of Sunland Company on January 1, 2020, by paying $621,000 for the 41,400 shares. Sunland declared and paid $0.60 per share cash dividends on March 15, June 15, September 15, and December 15.2020. Sunland reported net income of $358,000 for the year. At December 31, 2020, the market price of Sunland common stock was $26 per share. Prepare the journal entries for Heidebrecht Design for 2020 assuming Heidebrecht Design cannot exercise...
journal entries in the order presented in the problem. Credit account titles are automatically indented when...
journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indeot manoalty If no entry is required, select "No entry for the account titles and enter 0 for the amounts) Date Account Titles and Explanation Credit Indicate the balance sheet and income statement account balances at December 33, 2017, under each method of accounting Dividend revenue Unrealized gain income STANDARD Question 5 Weidebrecht Design acquired 30% of the outstanding...
Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2015,...
Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2015, by paying $822,700 for the 43,300 shares. Quayle declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15, 2015. Quayle reported net income of $341,800 for the year. At December 31, 2015, the market price of Quayle common stock was $25 per share. Prepare the journal entries for Heidebrecht Design for 2015 assuming Heidebrecht Design cannot...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31,...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,031,800 for 46,900 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $714,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Oriole...
9:15 PM Wed Feb 5 C16 #1 Problem 16-02A a-d (Video) In January 2020, the management...
9:15 PM Wed Feb 5 C16 #1 Problem 16-02A a-d (Video) In January 2020, the management of Oriole Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Purchased 40 $1,140, 8% Yoakem bonds for $45,600. Interest is payable semiannually on April...
Please correct the below journal entries Exercise 11-5 (Part Level Submission) On Jan...
please correct the below journal entries
Exercise 11-5 (Part Level Submission)
On January 1, 2018, Marshall Corporation had 79,000 common shares,
recorded at $648,000, and retained earnings of $927,000. During the
year, the following transactions occurred:
Apr.
2
Issued 4,900 common shares at $20
per share.
June
15
Declared a cash dividend of $0.35
per share to common shareholders of record on June 30, payable on
July 10.
Aug.
21
Declared a 5% stock dividend to
common shareholders of record...
(b) Post to the investment accounts. (Use T-accounts.) (c) Prepare the adjusting entry at December 31,...
(b) Post to the investment accounts. (Use T-accounts.)
(c) Prepare the adjusting entry at December 31, 2018 to report
the portfolio at fair value
dShow the balance sheet presentation at December 31, 2018, for
the investment-related accounts.
Problem 16-05A a-d (Part Level Submission) The following securities are in Sunland Company's portfolio of long-term securities at December 31, 2020. Cost 1,000 shares of Willhite Corporation common stock $50,000 1,400 shares of Hutcherson Corporation 89,600 common stock 1,200 shares of Downing Corporation...
Exercise 16-18 Your answer is partially correct. Try again. The following are two independent situations. 1....
Exercise 16-18 Your answer is partially correct. Try again. The following are two independent situations. 1. Cullumber Cosmetics acquired 15% of the 153,000 shares of common stock of Nevins Fashion at a total cost of $13 per Cullum share on March 18, 2020. On June 30, Nevins declared and paid a $76,300 dividend. On December 31, Nevins reported net income of $127,200 for the year. At December 31, the market price of Nevins Fashion was $15 per share. Pharoah, Inc.,...
Un January 1, 2020, Pina Colada Corp. had the following stockholders' equity accounts Common Stock ($24...
Un January 1, 2020, Pina Colada Corp. had the following stockholders' equity accounts Common Stock ($24 par value, 59,000 shares issued and outstanding) $1,416,000 Paid-in Capital in Excess of Par-Common Stock 197,000 Retained Earnings 559,000 During the year, the following transactions occurred. Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1 Mar. " Paid the dividend declared in February Athird Apr. Announced a 2-for-1 stock split. Prior to the split, the market...
Heidebrecht Design acquired 30% of the outstanding common stock
of Pharoah Company on January 1, 2020, by paying $681,000 for the
45,400 shares. Pharoah declared and paid $0.30 per share cash
dividends on March 15, June 15, September 15, and December 15,
2020. Pharoah reported net income of $398,500 for the year. At
December 31, 2020, the market price of Pharoah common stock was $26
per share.
Prepare the journal entries for Heidebrecht Design for 2020
assuming Heidebrecht Design cannot...
Heidebrecht Design acquired 20% of the outstanding common stock of Sunland Company on January 1, 2020, by paying $621,000 for the 41,400 shares. Sunland declared and paid $0.60 per share cash dividends on March 15, June 15, September 15, and December 15.2020. Sunland reported net income of $358,000 for the year. At December 31, 2020, the market price of Sunland common stock was $26 per share. Prepare the journal entries for Heidebrecht Design for 2020 assuming Heidebrecht Design cannot exercise...
journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indeot manoalty If no entry is required, select "No entry for the account titles and enter 0 for the amounts) Date Account Titles and Explanation Credit Indicate the balance sheet and income statement account balances at December 33, 2017, under each method of accounting Dividend revenue Unrealized gain income STANDARD Question 5 Weidebrecht Design acquired 30% of the outstanding...
Heidebrecht Design acquired 30% of the outstanding common stock of Quayle Company on January 1, 2015, by paying $822,700 for the 43,300 shares. Quayle declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15, 2015. Quayle reported net income of $341,800 for the year. At December 31, 2015, the market price of Quayle common stock was $25 per share. Prepare the journal entries for Heidebrecht Design for 2015 assuming Heidebrecht Design cannot...
Oriole Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2020. The purchase price was $1,031,800 for 46,900 shares. Kulikowski Inc. declared and paid an $0.80 per share cash dividend on June 30 and on December 31, 2021. Kulikowski reported net income of $714,000 for 2021. The fair value of Kulikowski's stock was $25 per share at December 31, 2021. Assume that the security is a trading security. Prepare the journal entries for Oriole...
9:15 PM Wed Feb 5 C16 #1 Problem 16-02A a-d (Video) In January 2020, the management of Oriole Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 Purchased 700 shares of Muninger common stock for $38,500. Purchased 900 shares of Tatman common stock for $22,500. Purchased 40 $1,140, 8% Yoakem bonds for $45,600. Interest is payable semiannually on April...
please correct the below journal entries
Exercise 11-5 (Part Level Submission)
On January 1, 2018, Marshall Corporation had 79,000 common shares,
recorded at $648,000, and retained earnings of $927,000. During the
year, the following transactions occurred:
Apr.
2
Issued 4,900 common shares at $20
per share.
June
15
Declared a cash dividend of $0.35
per share to common shareholders of record on June 30, payable on
July 10.
Aug.
21
Declared a 5% stock dividend to
common shareholders of record...
(b) Post to the investment accounts. (Use T-accounts.)
(c) Prepare the adjusting entry at December 31, 2018 to report
the portfolio at fair value
dShow the balance sheet presentation at December 31, 2018, for
the investment-related accounts.
Problem 16-05A a-d (Part Level Submission) The following securities are in Sunland Company's portfolio of long-term securities at December 31, 2020. Cost 1,000 shares of Willhite Corporation common stock $50,000 1,400 shares of Hutcherson Corporation 89,600 common stock 1,200 shares of Downing Corporation...
Exercise 16-18 Your answer is partially correct. Try again. The following are two independent situations. 1. Cullumber Cosmetics acquired 15% of the 153,000 shares of common stock of Nevins Fashion at a total cost of $13 per Cullum share on March 18, 2020. On June 30, Nevins declared and paid a $76,300 dividend. On December 31, Nevins reported net income of $127,200 for the year. At December 31, the market price of Nevins Fashion was $15 per share. Pharoah, Inc.,...
Un January 1, 2020, Pina Colada Corp. had the following stockholders' equity accounts Common Stock ($24 par value, 59,000 shares issued and outstanding) $1,416,000 Paid-in Capital in Excess of Par-Common Stock 197,000 Retained Earnings 559,000 During the year, the following transactions occurred. Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1 Mar. " Paid the dividend declared in February Athird Apr. Announced a 2-for-1 stock split. Prior to the split, the market...
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