Question

8. On May 15, 2018, Breyer Co. invests $17,000 in Jojo, Inc. stock. Jojo pays Breyer a $400 dividend on November 15, 2018. Br

Next, journalize Breyers receipt of the November 15, 2018 dividend Date Accounts and Explanation Debit Credit Debit credite

Now journalize Breyers sale of the Jojo, Inc., stock on December 10, 2018 Date Accounts and Explanation Debit Credit 2018 De

9. On August 20, 2018, Machen, Co. decides to invest excess cash of $3,400 by purchasing Eagle, Inc. bonds. At year-end, Dece

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Solution:

Question 8:

Date Accounts and Explanation Debit Credit
May 15,2018 Investment in Jojo, Inc. $     17,000
Cash $     17,000
[To equity investment made]
Nov 15,2018 Cash $           400
Dividend Revenue $           400
[To record dividends]
Dec 10,2018 Cash $     16,450
Loss on sale of investment $           550
Investment in Jojo, Inc. $     17,000
[To record investment sold]

Question 9:

Date Accounts and Explanation Debit Credit
Dec 31,2018 Unrealized gains and losses - OCI $           400
Available for Sale Debt Securities $           400
[ To adjust market value]
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