Scotsland Company had the following transactions relating to investments in non-influential equity securities during the year.Prepare the required general journal entries for these transactions.
May 4 Scotsland purchased 600 shares of Lobe Company stock at $120 per share plus a $750 brokerage fee.
July 1 Scotsland received a $2.50 per share cash dividend on the Lobe Company stock.
Sept.15 Sold 300 shares of Lobe Company stock for $125 per share,less a $450 brokerage fee.
Dec.31 The fair value of the Lobe Company stock (the only investment that Scotsland owns)is $124 per share.The balance of the Fair value Adjustment-Stock account had a zero balance prior to adjustment.
Correct Answer:
Verified
Q165: On May 1 of the current year,
Q166: A company reported net income of $225,000,
Q168: Washington Corp.held 1,500 of Vashon Company common
Q171: Element Company had the following long-term
Q173: Landers,Inc.,held 1,500 of Shipman Company common stock
Q173: On May 1 of the current year,
Q175: Weston Company had the following long-term equity
Q176: In its first year of operations,Logic Co.purchased
Q177: A company paid $600,000 for 10% bonds
Q180: A company reported net income for Year
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents