Question

Jackson Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 560...

Jackson Company engaged in the following investment transactions during the current year.

Feb. 17 Purchased 560 shares of Medical Company common stock for $20 per share plus a brokerage commission of $100. Jackson does not have significant influence over Medical.
April 1 Bought 36,000 of the 100,000 outstanding shares of Olde Company for $360,000. Goodwill of $86,000 was included in the price.
June 25 Received a $1.20 per share dividend on Medical Company stock.
June 30 Olde Company reported second-quarter profits of $26,000.
Oct. 1 Purchased 2,600 bonds of Alpha Company for $15 per bond plus a brokerage fee of $460. These bonds are classified as securities available-for-sale.
Dec. 31 Medical Co. shares are selling for $25 and Alpha bonds are selling for $12.

  
Required:
Prepare the appropriate journal entries to record the transactions for the year, including year-end adjustments

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

HIT THE LIKE BUTTON

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Houston Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 490...
Houston Company engaged in the following investment transactions during the current year. Feb. 17 Purchased 490 shares of Medical Company common stock for $15 per share plus a brokerage commission of $150. Houston does not have significant influence over Medical Company. April 1 Bought 29,000 of the 100,000 outstanding shares of Olde Company for $290,000. Goodwill of $79,000 was included in the price. June 25 Received a $1.30 per share dividend on Medical Company stock. June 30 Olde reported second-quarter...
Treasury stock transactions. T-Bone Corporation engaged in the following treasury stock transactions during the current year:...
Treasury stock transactions. T-Bone Corporation engaged in the following treasury stock transactions during the current year: January 10 – Purchased 5,000 shares of treasury stock at $78 per share June 7 – Reissued 2,300 shares of treasury stock acquired on January 10th at a price of $83 per share November 14 – Reissued 250 shares of treasury stock at a price of $$75 per share Required: Record journal entries for all three transactions including dates and descriptions
The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10....
The following equity investment transactions were completed by Vintage Company during a recent year: Apr. 10. Purchased 11,000 shares of Delew Company’s common stock for a price of $60 per share plus a brokerage commission of $220. Delew Company has 250,000 shares of common stock outstanding. July 8. Received a quarterly dividend of $0.85 per share on the Delew Company investment. Sept. 10. Sold 3,000 shares for a price of $54 per share less a brokerage commission of $90. Dec....
Prepare entries to record the following selected transactions completed during the current fiscal year: Feb. 1...
Prepare entries to record the following selected transactions completed during the current fiscal year: Feb. 1 The board of directors declared a stock split which reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000. 11 Purchased 25,000 shares of the company's own stock at $44, recording the treasury stock at cost. May 1 Declared a dividend of $2.50 per share on the outstanding shares of common stock. 15 Paid...
The following equity investment transactions were completed by Romero Company during a recent year: Apr. 10...
The following equity investment transactions were completed by Romero Company during a recent year: Apr. 10 Purchased 3,800 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. July 8 Received a quarterly dividend of $0.90 per share on the Dixon Company investment. Sept. 10 Sold 1,200 shares for a price of $41 per share less a brokerage commission of $90.
Record the following equity investment transactions completed by The Company during 2019. All investments use the...
Record the following equity investment transactions completed by The Company during 2019. All investments use the cost method: February 15: Purchased for cash 4200 shares of P. Co.stock for $65 per share plus a $600 brokerage commission. April 4: Received dividends of $0.33 per share on P Co. stock. June 20: Sold 1670 shares of P Co. stock for $54 per share less a $250 brokerage commission. July 2: Purchased 5640 shares of P Co. stock for $90 per share...
During 2019, Globe Life Corporation had following transactions affecting stockholders' equity: a. Feb. 1 Repurchased 340...
During 2019, Globe Life Corporation had following transactions affecting stockholders' equity: a. Feb. 1 Repurchased 340 shares of the company's own common stock at $23 cash per share. b. Jul. 15 Sold 90 of the shares purchased on February 1 for $24 cash per share. c. Oct. 1 Sold 60 of the shares purchased on February 1 for $22 cash per share. Required: Prepare the journal entry required for each of the above transactions. (If no entry is required for...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were...
Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2016, were as follows: Record on journal page 10: Jan. 3 Issued 15,000 shares of $20 par common stock at $30, receiving cash. Feb. 15 Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash. May 1 Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually. 16 Declared a dividend of $0.50 per share on common stock and $1.00 per...
12. Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares...
12. Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions (a) Journalize the transactions. (b)  Explain how dividend revenue and the gain (loss) on sale should be reported in...
QS 15-8 Available-for-sale securities LO P3 Hiker Company completes the following transactions during the current year....
QS 15-8 Available-for-sale securities LO P3 Hiker Company completes the following transactions during the current year. May 9 Purchases 300 shares of Higo stock as a short-term investment in available-for-sale securities at a cost of $35 per share plus $190 in broker fees. June 2 Sells 150 shares of its investment in Higo stock at $38 per share. The broker’s commission on this sale is $110. Dec. 31 The closing market price (fair value) of the Higo stock is $33...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT