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(To record the receipt of semiannual interest on Yoakem bonds) (To record the sale of Yoakem bonds) Stock Investments Debt Investments In January 2022, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities. During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $30,000. Mar. 1 Purchased 800 shares of Tatman common stock for $20,000. Apr. 1 Purchased 60 of $1,160, 7% Yoakem bonds for $69,600. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.70 per share on the Muninger common stock. Aug. 1 Sold 200 shares of Muninger common stock at $65 per share. Sept. 1 Received a $1 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $67,900. At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stock investments by Sheridan Company provide less than a 20% ownership interest. (a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)

(To record the receipt of semiannual interest on Yoakem bonds) (To record the sale of Yoakem bonds) Stock Investments Debt Investments In January 2022, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities. During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $30,000. Mar. 1 Purchased 800 shares of Tatman common stock for $20,000. Apr. 1 Purchased 60 of $1,160, 7% Yoakem bonds for $69,600. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.70 per share on the Muninger common stock. Aug. 1 Sold 200 shares of Muninger common stock at $65 per share. Sept. 1 Received a $1 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $67,900. At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stock investments by Sheridan Company provide less than a 20% ownership interest. (a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 24P: Frost Company has accumulated the following information relevant to its 2019 earningsper share. 1....
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Please give the answer of the T-chart, I need in T-chart form like the picture shows

(To record the receipt of semiannual interest on Yoakem bonds) (To record the sale of Yoakem bonds) Stock Investments Debt Investments
Transcribed Image Text:(To record the receipt of semiannual interest on Yoakem bonds) (To record the sale of Yoakem bonds) Stock Investments Debt Investments
In January 2022, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities. During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $30,000. Mar. 1 Purchased 800 shares of Tatman common stock for $20,000. Apr. 1 Purchased 60 of $1,160, 7% Yoakem bonds for $69,600. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.70 per share on the Muninger common stock. Aug. 1 Sold 200 shares of Muninger common stock at $65 per share. Sept. 1 Received a $1 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $67,900. At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stock investments by Sheridan Company provide less than a 20% ownership interest. (a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)
Transcribed Image Text:In January 2022, the management of Sheridan Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities. During the year, the following transactions occurred. Feb. 1 Purchased 600 shares of Muninger common stock for $30,000. Mar. 1 Purchased 800 shares of Tatman common stock for $20,000. Apr. 1 Purchased 60 of $1,160, 7% Yoakem bonds for $69,600. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of $0.70 per share on the Muninger common stock. Aug. 1 Sold 200 shares of Muninger common stock at $65 per share. Sept. 1 Received a $1 per share cash dividend on the Tatman common stock. Oct. 1 Received the semiannual interest on the Yoakem bonds. Oct. 1 Sold the Yoakem bonds for $67,900. At December 31, the fair value of the Muninger and Tatman common stocks were $51 and $24 per share respectively. These stock investments by Sheridan Company provide less than a 20% ownership interest. (a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record journal entries in the order presented in the problem. List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)
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