Journal Entry - Situation-1- Marigold Cosmetics | |||
Date | Account Title | Debit | Credit |
18-Mar-20 | Available for Sales Securities- Martinez | $267,400.00 | |
Cash (191000*10%*14) | $267,400.00 | ||
30-Jun-20 | Cash (80900*10%) | $8,090.00 | |
Dividend Revenue | $8,090.00 | ||
31-Dec-20 | Unrealised Gain on stock (191000*10%*(15-14) | $19,100.00 | |
Available for Sales Securities- Martinez | $19,100.00 | ||
Journal Entry - Situation-2--Swifty | |||
Date | Account Title | Debit | Credit |
1-Jan-20 | Investment in Seles Corporaton | $89,100.00 | |
Cash (29700*30%*10) | $89,100.00 | ||
15-Jun-20 | Cash (33000*30%) | $9,900.00 | |
Investment in Seles Corporaton | $9,900.00 | ||
31-Dec | Investment in Seles Corporaton | $23,760.00 | |
Allocation of Net Income ( 79200*30%) | $23,760.00 |
The following are two independent situations. Situation 1 Marigold Cosmetics acquired 10% of the 191,000 shares...
*Exercise 17-12 The following are two independent situations. Situation 1 Sunland Cosmetics acquired 10% of the 191,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2017. On June 30, Martinez declared and paid $80,900 cash dividend to all stockholders. On December 31, Martinez reported net income of $121,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2 Coronado, Inc. obtained significant...
The following are two independent situations. Situation 1 Nash Cosmetics acquired 10% of the 191,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2017. On June 30, Martinez declared and paid $81,300 cash dividend to all stockholders. On December 31, Martinez reported net income of $118,600 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2 Crane, Inc. obtained significant influence over...
The following are two independent situations. Situation 1 Sweet Cosmetics acquired 10% of the 191,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Martinez declared and paid $74,500 cash dividend to all stockholders. On December 31, Martinez reported net income of $120,500 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Situation 2 Pharoah, Inc. obtained significant influence over...
The following are two independent situations. Situation 1 Concord Cosmetics acquired 10% of the 193,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Martinez declared and paid $67,500 cash dividend to all stockholders. On December 31, Martinez reported net income of $118,700 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2 Marigold, Inc. obtained significant influence over...
Situation 1 Riverbed Cosmetics acquired 10% of the 191,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Martinez declared and paid $69,200 cash dividend to all stockholders. On December 31, Martinez reported net income of $116,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2 Marin, Inc. obtained significant influence over Seles Corporation by buying 40% of...
The following are two independent situations. Situation 1 Carla Cosmetics acquired 10% of the 210,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2020. On June 30, Martinez declared and paid $75,800 cash dividend to all stockholders. On December 31, Martinez reported net income of $129,200 for the year. At December 31, the market price of Martinez Fashion was $14 per share. Situation 2 Sarasota, Inc. obtained significant influence over...
The following are two independent situations. Situation 1 Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2017. On June 30, Martinez declared and paid $75,000 cash dividend to all stockholders. On December 31, Martinez reported net income of $122,000 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2 Monica, Inc. obtained significant influence over...
The following are two independent situations. Situation 1 Novak Cosmetics acquired 10% of the 198,000 shares of common stock of Martinez Fashion at a total cost of $12 per share on March 18, 2017. On June 30, Martinez declared and paid $82,000 cash dividend to all stockholders. On December 31, Martinez reported net income of $119,400 for the year. At December 31, the market price of Martinez Fashion was $13 per share. Situation 2 Splish, Inc. obtained significant influence over...
Situation 1 Sunland Cosmetics acquired 10% of the 193,000 shares of common stock of Martinez Fashion at a total cost of $14 per share on March 18, 2020. On June 30, Martinez declared and paid $67,500 cash dividend to all stockholders. On December 31, Martinez reported net income of $118,700 for the year. At December 31, the market price of Martinez Fashion was $15 per share. Situation 2 Coronado, Inc. obtained significant influence over Seles Corporation by buying 40% of...
The following are two independent situations. Situation 1 Cheyenne Cosmetics acquired 10% of the 185,000 shares of common stock of Martinez Fashion at a total cost of $12 per share on March 18, 2017. On June 30, Martinez declared and paid $79,800 cash dividend to all stockholders. On December 31, Martinez reported net income of $115,000 for the year. At December 31, the market price of Martinez Fashion was $13 per share. Situation 2 Ayayai, Inc. obtained significant influence over...