MotorCity, Inc. purchased 54,000 shares of Shaw common stock for $260,000. This represents 40% of the...
MotorCity, Inc. purchased 54,000 shares of Shaw common stock for $260,000. This represents 40% of the outstanding stock. The entry to record the transaction includes a:
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Debit to Long-Term Investments for $260,000.
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Credit to Long-Term Investments for $3,484,000.
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Debit to Long-Term Investments-HTM for $260,000.
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Debit to Long-Term Investments for $3,484,000.
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Debit to Short-Term Investment-AFS for $260,000
Homework Answers
The entry would be
| Debit | Credit | |
| Long term investments | 260,000 | |
| Cash | 260,000 |
Option A is the answer
(Debit to long term investments for $260,000)
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MotorCity, Inc. purchased 54,000 shares of Shaw common stock for
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