Gardens, Inc. Invests its excess cash in Innovative Technologies, Inc. and acquires 4,100 shares for $27.00 per share. Garden, Inc. owns less than 3% of Innovative's voting stock and plans to hold the stock for two years. Which of the following is the correct journal entry for the transaction? OA. Equity Investments Cash 110,700 110,700 OB. Common Stock - Gardens Cash 110,700 110,700 OC. Cash 110,700 Common Stock - Gardens 110,700 OD. Cash Equity Investments 110,700 110,700

Gardens, Inc. Invests its excess cash in Innovative Technologies, Inc. and acquires 4,100 shares for $27.00 per share. Garden, Inc. owns less than 3% of Innovative's voting stock and plans to hold the stock for two years. Which of the following is the correct journal entry for the transaction? OA. Equity Investments Cash 110,700 110,700 OB. Common Stock - Gardens Cash 110,700 110,700 OC. Cash 110,700 Common Stock - Gardens 110,700 OD. Cash Equity Investments 110,700 110,700

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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Subject : Accounting
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Subject: accounting