Accounting for Equity Securities-Noninfluential The Glass Company had the following transactions and adjustment related to a stock investment Previous Year Nov 15 Purchased 6.000 shares of Erie, inc's common stock at $12.25 per share plus a brokerage commission of $750. Glass expects to sell the stock in the near future Glass is unable to exercise any significant influence control over Erie. Received a cash dividend of $1.35 per share of common stock from Erie Dec 22 Dec 31 Made the adjusting entry to reflect year-end fair value of the stock investment in Erie. The year end market price of the Erie common stock is $11.50 per share Current Year Jan 20 Soit all 6,000 shares of the Erie common stock for $66.900 Record the transactions and adjustment of the Glass Company using journal entries. General Journal Description Date 41/15/Previous Year 12/22/Previous Year 12/31/Previous Year 1/20/Current Year To record purchase of securities To record receipt of dividend. To adjust securities to year-end fair value Cash To record sale of securities Please answer all parts of the question, • 0 # # Debit 0 D 0 0 0 0 0 Credit 0 0 0 0 10 0 0 O

Accounting for Equity Securities-Noninfluential The Glass Company had the following transactions and adjustment related to a stock investment Previous Year Nov 15 Purchased 6.000 shares of Erie, inc's common stock at $12.25 per share plus a brokerage commission of $750. Glass expects to sell the stock in the near future Glass is unable to exercise any significant influence control over Erie. Received a cash dividend of $1.35 per share of common stock from Erie Dec 22 Dec 31 Made the adjusting entry to reflect year-end fair value of the stock investment in Erie. The year end market price of the Erie common stock is $11.50 per share Current Year Jan 20 Soit all 6,000 shares of the Erie common stock for $66.900 Record the transactions and adjustment of the Glass Company using journal entries. General Journal Description Date 41/15/Previous Year 12/22/Previous Year 12/31/Previous Year 1/20/Current Year To record purchase of securities To record receipt of dividend. To adjust securities to year-end fair value Cash To record sale of securities Please answer all parts of the question, • 0 # # Debit 0 D 0 0 0 0 0 Credit 0 0 0 0 10 0 0 O

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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