Cost $124,000 263.000 $387.000 1,000 shares of Stryker Corp., common 3,000 shares of Medtronic, Inc., common Larson Company's ownership percentage in Stryker Corp and Medtronic, Inc. is 5% and 7%, respectively. Accordingly, Larson Company does not have significant influence over either of these equity investments. On October 1, 2019, Larson Company received a $10,000 dividend from Medtronic, Inc. Furthermore, as of December 31, 2019, the fair values of Larson Company's equity securities are as follows: Cost $124,000 263.000 $387.000 Fair Value $115,000 250.000 $365.000 1,000 shares of Stryker Corp., Common 3,000 shares of Medtronic, Inc., Common Prepare general journal entries for the following transactions: a) June 1, 2019 equity securities acquisition. b) October 1, 2019 dividend received from Medtronic, Inc. c) December 31, 2019 adjusting journal entry to record the change in fair value, if any.

Cost $124,000 263.000 $387.000 1,000 shares of Stryker Corp., common 3,000 shares of Medtronic, Inc., common Larson Company's ownership percentage in Stryker Corp and Medtronic, Inc. is 5% and 7%, respectively. Accordingly, Larson Company does not have significant influence over either of these equity investments. On October 1, 2019, Larson Company received a $10,000 dividend from Medtronic, Inc. Furthermore, as of December 31, 2019, the fair values of Larson Company's equity securities are as follows: Cost $124,000 263.000 $387.000 Fair Value $115,000 250.000 $365.000 1,000 shares of Stryker Corp., Common 3,000 shares of Medtronic, Inc., Common Prepare general journal entries for the following transactions: a) June 1, 2019 equity securities acquisition. b) October 1, 2019 dividend received from Medtronic, Inc. c) December 31, 2019 adjusting journal entry to record the change in fair value, if any.

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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