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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