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12. Jan. 1 On January 1, 2022, Carlos Corporation acquires 1,000 shares (8% ownership) of Tele Corporation common stock at $20 per share. Journalize the purchase of shares. 13. Reference question #12 above. If Carlos Corporation receives a $3 per share dividend on July 31, record the dividend revenue. 1 14. Assume that Carlos Corporation receives a net proceeds of $39,000 on the sale of its Tele Corporation Stock on March 2023 (Question #12 above). Record the sale of shares. 15. Assume that Carlos Corporation acquires 40% of the common stock of Tele Company for $200,000 on January 1, 2022. Record the transaction. 16. For 2022, Tele Corporations reports net income of $100,000. It declares and pays a $$60,000 cash dividend. Journalize the revenue and dividends transactions (Ref: #15 above). 17. Post to ledgers (use T-Accounts) for #15 and #16 above.

12. Jan. 1 On January 1, 2022, Carlos Corporation acquires 1,000 shares (8% ownership) of Tele Corporation common stock at $20 per share. Journalize the purchase of shares. 13. Reference question #12 above. If Carlos Corporation receives a $3 per share dividend on July 31, record the dividend revenue. 1 14. Assume that Carlos Corporation receives a net proceeds of $39,000 on the sale of its Tele Corporation Stock on March 2023 (Question #12 above). Record the sale of shares. 15. Assume that Carlos Corporation acquires 40% of the common stock of Tele Company for $200,000 on January 1, 2022. Record the transaction. 16. For 2022, Tele Corporations reports net income of $100,000. It declares and pays a $$60,000 cash dividend. Journalize the revenue and dividends transactions (Ref: #15 above). 17. Post to ledgers (use T-Accounts) for #15 and #16 above.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
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12. Jan. 1 On January 1, 2022, Carlos Corporation acquires 1,000 shares (8% ownership) of Tele Corporation common stock at $20 per share. Journalize the purchase of shares. 13. Reference question #12 above. If Carlos Corporation receives a $3 per share dividend on July 31, record the dividend revenue. 14. Assume that Carlos Corporation receives a net proceeds of $39,000 on the sale of its Tele Corporation Stock on March 2023 (Question #12 above). Record the sale of shares. 15. Assume that Carlos Corporation acquires 40% of the common stock of Tele Company for $200,000 on January 1, 2022. Record the transaction. 16. For 2022, Tele Corporations reports net income of $100,000. It declares and pays a $$60,000 cash dividend. Journalize the revenue and dividends transactions (Ref: #15 above). 17. Post to ledgers (use T-Accounts) for #15 and #16 above.
Transcribed Image Text:12. Jan. 1 On January 1, 2022, Carlos Corporation acquires 1,000 shares (8% ownership) of Tele Corporation common stock at $20 per share. Journalize the purchase of shares. 13. Reference question #12 above. If Carlos Corporation receives a $3 per share dividend on July 31, record the dividend revenue. 14. Assume that Carlos Corporation receives a net proceeds of $39,000 on the sale of its Tele Corporation Stock on March 2023 (Question #12 above). Record the sale of shares. 15. Assume that Carlos Corporation acquires 40% of the common stock of Tele Company for $200,000 on January 1, 2022. Record the transaction. 16. For 2022, Tele Corporations reports net income of $100,000. It declares and pays a $$60,000 cash dividend. Journalize the revenue and dividends transactions (Ref: #15 above). 17. Post to ledgers (use T-Accounts) for #15 and #16 above.
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