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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 20 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 28 30 Feb. 8 Dec 18 July 30 Sept. Cost $66,150 75,600 30,240 6 1

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 20 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 28 30 Feb. 8 Dec 18 July 30 Sept. Cost $66,150 75,600 30,240 6 1

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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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: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
"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
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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