The journal entries and their workings should be:
Date | Description | Debit ($) | Credit ($) | Workings |
Jan-01 | Stock Investment in Peaceman Corp. | 2,10,000 | given | |
Cash | 2,10,000 | |||
Dec-31 | Stock Investment in Peaceman Corp. | 50,000 | 200000*25% | |
Revenue from Investments | 50,000 | (for net income) | ||
Dec-31 | Cash | 15,000 | 60000*25% | |
Stock Investment in Peaceman Corp. | 15,000 | (for dividends) |
Please comment in case of any issue and I will be happy to rectify it.
42) On January 1 Jaraih Corporation purchased a 25% equity in Peaceman Corporation for $210,000. At...
At December 31, 2020, the trading securities for Paul Company are as follows: Security Cost Fair Value AXZ $116,000 $120,000 BKY 134,000 132,000 $250,000 $252,000 Prepare the adjusting entry at December 31, 2020, to report the securities at fair value (show the steps please)
On January 1 Jaraih Corporation purchased a 25% equity in Peaceman Corporation for $210,000. At December 31 Peaceman declared and paid a $60,000 cash dividend and reported net income of $200,000. Instructions (a) Journalize the transactions (show the steps please)
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On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $167,000. At December 31, Helbert declared and paid a $46,400 cash dividend and reported net income of $231,000. Journalize the transactions. (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 enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and...
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1) 2) 3) 4) Exercise 12-7 (Part Level Submission) On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $186,500. At December 31, Helbert declared and paid a $52,100 cash dividend and reported net income of $195,000. (a) Journalize the transactions. (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 enter o for the amounts.) Date Account Titles and...
On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $167,000. At December 31, Helbert declared and paid a $46,400 cash dividend and reported net income of $231,000. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account...
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