Homework Answers
Journal Entry in the books of Porus Company
| Date | Account and Explanation | Debit | Credit |
| June 22,2019 |
Investment in "Saul Company" common stock |
$140,000 | |
| Broker's commission | $263 | ||
| To Cash | $140,263 | ||
| (Being investment in common stock recorded) | |||
| August 3, 2019 | Cash | $8,880 | |
| To Dividend income | $8,880 | ||
| (Being dividend income recorded) | |||
| November 4, 2019 | Cash | $7,327 | |
| Broker's commission | $273 | ||
| To Investment in "Saul Company" common stock | $7,000 | ||
| To Gain on sale of investment | $600 | ||
| (Being sale of investment recorded) | |||
| December 1, 2019 | No entry | ||
| December 31, 2019 | Fair value adjustment | $1,900 | |
| To Investment in "Saul Company" common stock | $1,900 | ||
| (Being unrealized loss on investment recorded) |
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stock were sold for $34 per share less a $62 brokerage
commission.
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compound transaction, if an amount box does not require an entry,
leave it...
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accounting III problem.
Here is a screenshot of the information provided.
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problems 1 & 2 go together
Problem 1 Gregory Corp. acquired 20% of the 40,000 shares of common stock of Harrison Corp. at a total cost of $23 per share on March 1, 2019, obtaining significant influence over Harrison. On November 1, 2019, Harrison declared and paid a $260,000 total cash dividend to its shareholders. On December 31, 2019, Harrison reported a total net loss of $25,000 for the year. At December 31, 2019, the market price of Harrison was...
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