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In 20X1, FYY Ltd. purchased 1,900 shares of Humor Inc. for $49,400 plus $1,900 in commission. The shares had a fair value of $62,000 at the end of 20X1, $69,400 at the end of 20X2, and $85,100 at the end of 20X3. In 20X4, the shares were sold for $75,700 less $1,900 in commission. In each of 20×1, 20X2, and 20X3, dividends of $4,560 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

In 20X1, FYY Ltd. purchased 1,900 shares of Humor Inc. for $49,400 plus $1,900 in commission. The shares had a fair value of $62,000 at the end of 20X1, $69,400 at the end of 20X2, and $85,100 at the end of 20X3. In 20X4, the shares were sold for $75,700 less $1,900 in commission. In each of 20×1, 20X2, and 20X3, dividends of $4,560 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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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In 20X1, FYY Ltd. purchased 1,900 shares of Humor Inc. for $49,400 plus $1,900 in commission. The shares had a fair value of $62,000 at the end of 20X1, $69,400 at the end of 20X2, and $85,100 at the end of 20X3. In 20X4, the shares were sold for $75,700 less $1,900 in commission. In each of 20×1, 20X2, and 20X3, dividends of $4,560 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Transcribed Image Text:In 20X1, FYY Ltd. purchased 1,900 shares of Humor Inc. for $49,400 plus $1,900 in commission. The shares had a fair value of $62,000 at the end of 20X1, $69,400 at the end of 20X2, and $85,100 at the end of 20X3. In 20X4, the shares were sold for $75,700 less $1,900 in commission. In each of 20×1, 20X2, and 20X3, dividends of $4,560 were received. Required: 1. Prepare journal entries for 20X1 to 20X4, (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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