Cosmos Corporation had the following long-term investment transactions.
Jan 2 $\quad$Purchased 5,000 shares of Visual, Inc. for $ \$ 42 $ per share plus $ \$ 7,000 $ in fees
$\quad$$\quad$$\quad$and commission. These shares represent a $ 35 \% $ ownership of Visual.
Oct 15 $\quad$Received Visual, Inc. cash dividend of $ \$ 2 $ per share.
Dec 31 $\quad$Visual reported a net loss of $ \$ 66,000 $ for the year. Prepare the journal entries Cosmos Corporation should record for these transactions and events.

Question

Cosmos Corporation had the following long-term investment transactions.
 Jan 2 $\quad$Purchased 5,000 shares of Visual, Inc. for $ \$ 42 $ per share plus $ \$ 7,000 $ in fees 
$\quad$$\quad$$\quad$and commission. These shares represent a $ 35 \% $ ownership of Visual.
Oct 15 $\quad$Received Visual, Inc. cash dividend of $ \$ 2 $ per share.
Dec 31 $\quad$Visual reported a net loss of $ \$ 66,000 $ for the year. Prepare the journal entries Cosmos Corporation should record for these transactions and events.

Quizplus · Accepted Answer

The Answer of Cosmos Corporation had the following long-term investment transactions.
 Jan 2 $\quad$Purchased 5,000 shares of Visual, Inc. for $ \$ 42 $ per share plus $ \$ 7,000 $ in fees 
$\quad$$\quad$$\quad$and commission. These shares represent a $ 35 \% $ ownership of Visual.
Oct 15 $\quad$Received Visual, Inc. cash dividend of $ \$ 2 $ per share.
Dec 31 $\quad$Visual reported a net loss of $ \$ 66,000 $ for the year. Prepare the journal entries Cosmos Corporation should record for these transactions and events.

Cosmos Corporation Had the Following Long-Term Investment Transactions \quad Purchased 5,000 Shares of Visual, Inc

Cosmos Corporation Had the Following Long-Term Investment Transactions $\quad$ Purchased 5,000 Shares of Visual, Inc