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Equity investments: Less than 20% ownership On September 12, 3,000 shares of Denver Company's common stock are acquired at a price of $40 per share plus a $300 brokera commission. On October 15, an $0.80-per-share dividend was received on the Denver Company stock. On November 10, 1,600 sh Denver Company stock were sold for $36 per share less a $150 brokerage commission. At the end of the accounting period on De- the fair value of the remaining 1,400 shares of Denver Company's stock was $35 per share. Denver Company has 400,000 shares stock outstanding. Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. If an amount not require an entry, leave it blank. Sep, 12 Investments Denver Company Stock DV Cash Oct. 15 Now 10 120,300 ✔ 2.400 ✔ 120.300 2,400

Equity investments: Less than 20% ownership On September 12, 3,000 shares of Denver Company's common stock are acquired at a price of $40 per share plus a $300 brokera commission. On October 15, an $0.80-per-share dividend was received on the Denver Company stock. On November 10, 1,600 sh Denver Company stock were sold for $36 per share less a $150 brokerage commission. At the end of the accounting period on De- the fair value of the remaining 1,400 shares of Denver Company's stock was $35 per share. Denver Company has 400,000 shares stock outstanding. Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. If an amount not require an entry, leave it blank. Sep, 12 Investments Denver Company Stock DV Cash Oct. 15 Now 10 120,300 ✔ 2.400 ✔ 120.300 2,400

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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n/takeAssignment/takeAssignmentMain.do?invoker- &takeAssignmentSessionLocator=&inprogress... A ☆ eBook Oct. 15 Equity investments: Less than 20% ownership On September 12, 3,000 shares of Denver Company's common stock are acquired at a price of $40 per share plus a $300 brokerage commission. On October 15, an $0.80-per-share dividend was received on the Denver Company stock. On November 10, 1,600 shares of the Denver Company stock were sold for $36 per share less a $150 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 1,400 shares of Denver Company's stock was $35 per share. Denver Company has 400,000 shares of common stock outstanding. Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. If an amount box does not require an entry, leave it blank. Sep. 12 Investments Denver Company Stock Nov. 10 Dec. 31 Show Me How EV Feedback Cath ✔ Loss on Sale of Investments Investments Denver Company Stock 120,300 2.400 ✔ 57.600 X 120.300 A 2,400 57.600 X 150 X 64,000 X 339
Transcribed Image Text:n/takeAssignment/takeAssignmentMain.do?invoker- &takeAssignmentSessionLocator=&inprogress... A ☆ eBook Oct. 15 Equity investments: Less than 20% ownership On September 12, 3,000 shares of Denver Company's common stock are acquired at a price of $40 per share plus a $300 brokerage commission. On October 15, an $0.80-per-share dividend was received on the Denver Company stock. On November 10, 1,600 shares of the Denver Company stock were sold for $36 per share less a $150 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 1,400 shares of Denver Company's stock was $35 per share. Denver Company has 400,000 shares of common stock outstanding. Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method. If an amount box does not require an entry, leave it blank. Sep. 12 Investments Denver Company Stock Nov. 10 Dec. 31 Show Me How EV Feedback Cath ✔ Loss on Sale of Investments Investments Denver Company Stock 120,300 2.400 ✔ 57.600 X 120.300 A 2,400 57.600 X 150 X 64,000 X 339
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