Solve both complete entries otherwise leave it On August 4, 2019, Bennett Corporation purchased 4,500 shares of Plummer Company for $238,500. The followinginformation applies to the stock price of Plummer Company:12/31/201912/31/202012/31/2021Plummer Company declares cash dividends of $3.50 per share on June 1 of each year and pays the dividends on July 1 ofeach year.View transaction list2. Prepare journal entries to record the facts in the case, assuming that Bennett used the equity method to account for the investment.Bennett owns 35 percent of Plummer and Plummer reported $55,000 in income each year. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)<Price$ 525761Journal entry worksheet2DateJun 01, 20203Note: Enter debits before credits.456Record the declaration of dividends on June 01, 2020.7General Journal8DebitCredit> On August 4, 2019, Bennett Corporation purchased 4,500 shares of Plummer Company for $238,500. The followinginformation applies to the stock price of Plummer Company:12/31/201912/31/202012/31/2021Plummer Company declares cash dividends of $3.50 per share on June 1 of each year and pays the dividends on July 1 ofeach year.View transaction list2. Prepare journal entries to record the facts in the case, assuming that Bennett used the equity method to account for the investment.Bennett owns 35 percent of Plummer and Plummer reported $55,000 in income each year. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.)<Price$ 525761Journal entry worksheet2DateJul 01, 20203Note: Enter debits before credits.45Record the payments of dividends on July 01, 2020.6General Journal78DebitCredit>

A journal entry constitutes a methodical documentation of monetary transactions within the realm of…

2. Prepare journal entries to record the facts in the case, assuming that Bennett used the equity method to account for the investment. Bennett owns 35 percent of Plummer and Plummer reported $55,000 in income each year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Note: Enter debits before credits. 5 6 Record the payments of dividends on July 01, 2020. 7 8

2. Prepare journal entries to record the facts in the case, assuming that Bennett used the equity method to account for the investment. Bennett owns 35 percent of Plummer and Plummer reported $55,000 in income each year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 Note: Enter debits before credits. 5 6 Record the payments of dividends on July 01, 2020. 7 8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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