In 2022 Blue Company was involved in the following inter corporate stock investments; 11/12/22 Purchased #20,000 shares of Red Company common stock for $20.00 per share 12/12/22 Purchased #500 shares of Green Company common stock $6.00 per share 12/20/22 Sold the #20,000 shares of Red Company common stock for $25.00 per share 12/31/22 The #500 shares of Green Company common stock, which are still owned by Blue Company, are currently selling for $5.00 per share Required: Prepare the journal entries for the above transactions
In 2022 Blue Company was involved in the following inter corporate stock investments; 11/12/22 Purchased #20,000 shares of Red Company common stock for $20.00 per share 12/12/22 Purchased #500 shares of Green Company common stock $6.00 per share 12/20/22 Sold the #20,000 shares of Red Company common stock for $25.00 per share 12/31/22 The #500 shares of Green Company common stock, which are still owned by Blue Company, are currently selling for $5.00 per share Required: Prepare the journal entries for the above transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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In 2022 Blue Company was involved in the following inter corporate stock investments;
11/12/22 Purchased #20,000 shares of Red Company common stock for $20.00 per share
12/12/22 Purchased #500 shares of Green Company common stock $6.00 per share
12/20/22 Sold the #20,000 shares of Red Company common stock for $25.00 per share
12/31/22 The #500 shares of Green Company common stock, which are still owned by Blue Company,
are currently selling for $5.00 per share
Required: Prepare the
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