Homework Answers
Answer -
Step - ( 1 ) - Information Given -
Buffalo Corp. acquired 4300 shares Mandrake Corp. on July 1, 2021 at $8 per share.
On September 1, Mandrake declared and paid a $0.60 per share dividend.
On December 31, Buffalo sells the shares at $6 per share.
.
Step - ( 2 ) -
Journal of Buffalo Corp.
| Date | Account Titles and Explanation | Debit ( $ ) | Credit ( $ ) |
| July 1, 2021 |
Other Investments Cash ( Purchased 4300 shares at $8 per share ) [ ( 4300 shares * $8 per share ) = $34400 ] |
34400 - |
- 34400 |
| September 1, 2021 |
Cash Dividend Revenue ( Dividend income recorded ) [ ( 4300 shares * $$0.60 per share ) = $2580 ] |
2580 - |
- 2580 |
| December 31, 2021 |
Cash Loss on Disposal of Investments [ balancing figure ] Other Investments ( Sold 4300 shares at $6 per share ) [ ( 4300 shares * $6 per share ) = $25800 ] |
25800 8600 - |
- - 34400 |
| Total | 71380 | 71380 | |
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