Here is Flounder Company's portfolio of long-term stock investments at December 31, 2021, the end of its first year of operations. 1.260 shares of Batone Inc. common stock 1,080 shares of Mendez Corporation common stock 720 shares of P. Tillman Corporation preferred stock Cost $66.150 On December 31, the total cost of the portfolio equaled the total fair value. Flounder had the following transactions related to the securities during 2022. Feb. 75,600 30,240 Jan. 20 Sold 1.260 shares of Batone Inc. common stock at $55 per share. 28 30 8 Purchased 360 shares of $10 par value common stock of P. Wahl Corporation at $78 per share. Received a cash dividend of $1.25 per share on Mendez Corporation common stock Received cash dividends of $0.40 per share on R. Tillman Corporation preferred stock. Sold all 720 shares of P. Tillman preferred stock at $35 per share. 18 July 30 Received a cash dividend of $1.10 per share on Mendez Corporation common stock Sept 6 Purchased an additional 540 shares of the $10 par value common stock of P. Wahl Corporation at $82 per share. 1 Received a cash dividend of $1,50 per share on P Wahl Corporation common stock. Dec
Here is Flounder Company's portfolio of long-term stock investments at December 31, 2021, the end of its first year of operations. 1.260 shares of Batone Inc. common stock 1,080 shares of Mendez Corporation common stock 720 shares of P. Tillman Corporation preferred stock Cost $66.150 On December 31, the total cost of the portfolio equaled the total fair value. Flounder had the following transactions related to the securities during 2022. Feb. 75,600 30,240 Jan. 20 Sold 1.260 shares of Batone Inc. common stock at $55 per share. 28 30 8 Purchased 360 shares of $10 par value common stock of P. Wahl Corporation at $78 per share. Received a cash dividend of $1.25 per share on Mendez Corporation common stock Received cash dividends of $0.40 per share on R. Tillman Corporation preferred stock. Sold all 720 shares of P. Tillman preferred stock at $35 per share. 18 July 30 Received a cash dividend of $1.10 per share on Mendez Corporation common stock Sept 6 Purchased an additional 540 shares of the $10 par value common stock of P. Wahl Corporation at $82 per share. 1 Received a cash dividend of $1,50 per share on P Wahl Corporation common stock. Dec
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step.
Transcribed Image Text:Here is Flounder Company's portfolio of long-term stock investments at December 31, 2021, the end of its first year of operations.
1,260 shares of Batone Inc. common stock
1,080 shares of Mendez Corporation common stock
720 shares of P. Tillman Corporation preferred stock
On December 31, the total cost of the portfolio equaled the total fair value. Flounder had the following transactions related to the
securities during 2022.
Jan. 201
Feb.
28
30
18
July 30
Sept. 6
Dec 1
Cost
$66,150
75,600
30,240
Sold 1.260 shares of Batone Inc. common stock at $55 per share.
Purchased 360 shares of $10 par value common stock of P. Wahl Corporation at $78 per share.
Received a cash dividend of $1.25 per share on Mendez Corporation common stock.
Received cash dividends of $0.40 per share on P. Tillman Corporation preferred stock.
Sold all 720 shares of P. Tillman preferred stock at $35 per share.
Received a cash dividend of $1.10 per share on Mendez Corporation common stock.
Purchased an additional 540 shares of the $10 par value common stock of P. Wahl Corporation at $82 per share.
Received a cash dividend of $1.50 per share on P Wahl Corporation common stock.
At December 31, 2022, the fair values of the securities were
Transcribed Image Text:"10
July 30
Sept. 6
Dec. 1
300 air/20shares or man preferred stock ar 330 per snare
Received a cash dividend of $1.10 per share on Mendez Corporation common stock.
Purchased an additional 540 shares of the $10 par value common stock of P.Wahl Corporation at $82 per share.
Received a cash dividend of $1.50 per share on P. Wahl Corporation common stock.
At December 31, 2022, the fair values of the securities were:
Mendez Corporation common stock
P.Wahl Corporation common stock
$65 per share
$77 per share
Flounder uses separate account titles for each investment, such as Investment in Mendez Corporation Common Stock
Date
Prepare journal entries to record the transactions. (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.)
Account Titles and Explanation
Debit
Credit
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