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On January 5, 2020, Metlock Company purchased the following stock securities: 258 shares Bonter Corporation common stock for $3,870. 430 shares Wane Corporation common stock for $8,600. 688 shares Strauss Corporation common stock for $19,608. Assume that Metlock Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments. On June 30, 2020, Metlock Company received the following cash dividends: Bonter Corporation $2.00 per share Wane Corporation $1.00 per share Strauss Corporation $1.50 per share On November 15, 2020, Metlock Company sold 140 shares of Strauss Corporation common stock for $6,300. On December 31, 2020, the fair value of the securities held by Metlock Company is as follows: Per Share Bonter Corporation common stock $10 Wane Corporation common stock 16 Strauss Corporation common stock 28. Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credi 16 $10 Bonter Corporation common stock Wane Corporation common stock 28 Strauss Corporation common stock Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer

On January 5, 2020, Metlock Company purchased the following stock securities: 258 shares Bonter Corporation common stock for $3,870. 430 shares Wane Corporation common stock for $8,600. 688 shares Strauss Corporation common stock for $19,608. Assume that Metlock Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments. On June 30, 2020, Metlock Company received the following cash dividends: Bonter Corporation $2.00 per share Wane Corporation $1.00 per share Strauss Corporation $1.50 per share On November 15, 2020, Metlock Company sold 140 shares of Strauss Corporation common stock for $6,300. On December 31, 2020, the fair value of the securities held by Metlock Company is as follows: Per Share Bonter Corporation common stock $10 Wane Corporation common stock 16 Strauss Corporation common stock 28. Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credi 16 $10 Bonter Corporation common stock Wane Corporation common stock 28 Strauss Corporation common stock Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer

FINANCIAL ACCOUNTING
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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Unit IV question 9

On January 5, 2020, Metlock Company purchased the following stock securities: 258 shares Bonter Corporation common stock for $3,870. 430 shares Wane Corporation common stock for $8,600. 688 shares Strauss Corporation common stock for $19,608. Assume that Metlock Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments. On June 30, 2020, Metlock Company received the following cash dividends: Bonter Corporation $2.00 per share Wane Corporation $1.00 per share Strauss Corporation $1.50 per share On November 15, 2020, Metlock Company sold 140 shares of Strauss Corporation common stock for $6,300. On December 31, 2020, the fair value of the securities held by Metlock Company is as follows: Per Share Bonter Corporation common stock $10 Wane Corporation common stock 16 Strauss Corporation common stock 28. Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credi
Transcribed Image Text:On January 5, 2020, Metlock Company purchased the following stock securities: 258 shares Bonter Corporation common stock for $3,870. 430 shares Wane Corporation common stock for $8,600. 688 shares Strauss Corporation common stock for $19,608. Assume that Metlock Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments. On June 30, 2020, Metlock Company received the following cash dividends: Bonter Corporation $2.00 per share Wane Corporation $1.00 per share Strauss Corporation $1.50 per share On November 15, 2020, Metlock Company sold 140 shares of Strauss Corporation common stock for $6,300. On December 31, 2020, the fair value of the securities held by Metlock Company is as follows: Per Share Bonter Corporation common stock $10 Wane Corporation common stock 16 Strauss Corporation common stock 28. Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credi
16 $10 Bonter Corporation common stock Wane Corporation common stock 28 Strauss Corporation common stock Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
Transcribed Image Text:16 $10 Bonter Corporation common stock Wane Corporation common stock 28 Strauss Corporation common stock Prepare the appropriate journal entries that Metlock Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer
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