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ESTION 9 Jan 1. ABC Company purchased 1,000 shares of Apple Inc. for $40 per share...
On February 12, 2019, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share...
On February 12, 2019, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22. Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. Required: (Shows computations and references are required) Prepare the journal entries for the original purchase, dividends and sale. Debit Credit
On June 20, Blaney Company purchased 2,000 shares of ABC Company common stock for $32 per...
On June 20, Blaney Company purchased 2,000 shares of ABC Company common stock for $32 per share plus a $75 brokerage fee. These shares are categorized as short-term investment in trading securities. On September 8, Blaney Company receives $.60 per share in dividends from ABC Company. A correct entry to receord the receipt of the dividends is:
Glaser Company had the following transactions pertaining to debt securities held as a short-term investment: 1-Jan...
Glaser Company had the following transactions pertaining to debt securities held as a short-term investment: 1-Jan Purchased 50, 8%, $1,000 Adler Company bonds for $50,000 cash plus brokerage fees of $800. Interest is payable semi-annually on July 1 and January 1. 1-Jul Received semi-annual interest on Adler Company bonds 31-Dec Sold 30 Adler Company bonds for $32,000 less $500 brokerage fee. Prepare the journal entries for Glaser Co. Stone Company had the following transactions pertaining to short-term investments in equity...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb. 9 Purchased 2,900 shares of Lucent at $31 per share plus a $195 commission 0ct. 12 Purchased 740 shares of Z-Seven at $7.60 per share plus a 100 commission. Dec. 31 Fair value of the short-term investnents in trading securities is $126, 300. 2018 Apr. 15 Sold 1, 000 shares of Ford Motor Co. at $31 per share less a $290...
1. 2. 1. Campus Corporation had the following investment transactions: Jan. 1 Feb. 15 Mar. 31...
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1. Campus Corporation had the following investment transactions: Jan. 1 Feb. 15 Mar. 31 June 1 Purchased Apex bonds for $10,000 plus a $500 brokerage fee. This purchase is considered a short-term investment in available-for-sale (AFS) debt securities by Campus Corporation. Purchased 1,000 shares of Eden, Inc. for $35,000 cash. This purchase is considered a long- term stock investment with insignificant influence by Campus Corporation. Received cash dividend of $0.30 per share from Eden, Inc. Purchased 5,000 shares...
Zeus Investments Inc. is a regional investment company that began operations on January 1, 2016. The...
Zeus Investments Inc. is a regional investment company that began operations on January 1, 2016. The following transactions securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: relate to trading 2016 Feb. 14. Purchased 4,800 shares of Apollo Inc. as a trading security at Apr. 1. Purchased 2,300 shares of Ares Inc. as a trading security at $19 per share plus a brokerage commission of $92. June 1. Sold 600 shares of Apollo Inc....
HP5P is a Canadian Controlled Private Corporation. The company was formed on Jan 1, 2017. On...
HP5P is a Canadian Controlled Private Corporation. The company was formed on Jan 1, 2017. On Dec 31, 2018, the company had 50,000 Common Shares and 20,000 $2 cumulative preferred shares outstanding. Contributed Share Capital on that date as per the Balance Sheet is the following: Common Shares: 150,000 Preferred Shares: 140,000 Retained Earnings: 79,250 During 2019, the company performed the following share related transactions. 1. Issued 5,000 common shares for $2.80 each. 2. Issued 1,000 preferred shares in exchange...
Jackson Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 590...
Jackson Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 590 shares of Medical Company common stock for $20 per share plus a brokerage commission of $100. Jackson does not have significant influence over Medical. April 1 Bought 39,000 of the 100,000 outstanding shares of Olde Company for $390,000. Goodwill of $89,000 was included in the price. June 25 Received a $1.20 per share dividend on Medical Company stock. June 30 Olde Company reported second-quarter...
Journal Chart of Accounts Instructions Instructions On September 12, 15,000 shares of Aspen Company are acquired...
Journal Chart of Accounts Instructions Instructions On September 12, 15,000 shares of Aspen Company are acquired at a price of $25 per share plus a $145 brokerage commission. On October 15, a $0.30-per-share dividend was received on the Aspen stock. On November 10, 6,200 shares of the Aspen stock were sold for $34 per share less a $130 brokerage commission. Journalize the entries to record the original purchase, the dividend, and the sale under the cost method. Refer to the...
Jan. 1 Purchased 1,000 shares of Escalante Corporation common stock (7%) for $60,800 cash. July 1...
Jan. 1 Purchased 1,000 shares of Escalante Corporation common stock (7%) for $60,800 cash. July 1 Received a cash dividend of $5 per share. Dec. 1 Sold 200 shares of Escalante Corporation common stock for $12,800 cash. Dec. 31 Received a cash dividend of $5 per share. Journalize the transactions.
On February 12, 2019, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22. Lucas paid a $0.42 dividend per share. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. Required: (Shows computations and references are required) Prepare the journal entries for the original purchase, dividends and sale. Debit Credit
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb. 9 Purchased 2,900 shares of Lucent at $31 per share plus a $195 commission 0ct. 12 Purchased 740 shares of Z-Seven at $7.60 per share plus a 100 commission. Dec. 31 Fair value of the short-term investnents in trading securities is $126, 300. 2018 Apr. 15 Sold 1, 000 shares of Ford Motor Co. at $31 per share less a $290...
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1. Campus Corporation had the following investment transactions: Jan. 1 Feb. 15 Mar. 31 June 1 Purchased Apex bonds for $10,000 plus a $500 brokerage fee. This purchase is considered a short-term investment in available-for-sale (AFS) debt securities by Campus Corporation. Purchased 1,000 shares of Eden, Inc. for $35,000 cash. This purchase is considered a long- term stock investment with insignificant influence by Campus Corporation. Received cash dividend of $0.30 per share from Eden, Inc. Purchased 5,000 shares...
Zeus Investments Inc. is a regional investment company that began operations on January 1, 2016. The following transactions securities acquired by Zeus Investments Inc., which has a fiscal year ending on December 31: relate to trading 2016 Feb. 14. Purchased 4,800 shares of Apollo Inc. as a trading security at Apr. 1. Purchased 2,300 shares of Ares Inc. as a trading security at $19 per share plus a brokerage commission of $92. June 1. Sold 600 shares of Apollo Inc....
HP5P is a Canadian Controlled Private Corporation. The company was formed on Jan 1, 2017. On Dec 31, 2018, the company had 50,000 Common Shares and 20,000 $2 cumulative preferred shares outstanding. Contributed Share Capital on that date as per the Balance Sheet is the following: Common Shares: 150,000 Preferred Shares: 140,000 Retained Earnings: 79,250 During 2019, the company performed the following share related transactions. 1. Issued 5,000 common shares for $2.80 each. 2. Issued 1,000 preferred shares in exchange...
Journal Chart of Accounts Instructions Instructions On September 12, 15,000 shares of Aspen Company are acquired at a price of $25 per share plus a $145 brokerage commission. On October 15, a $0.30-per-share dividend was received on the Aspen stock. On November 10, 6,200 shares of the Aspen stock were sold for $34 per share less a $130 brokerage commission. Journalize the entries to record the original purchase, the dividend, and the sale under the cost method. Refer to the...
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