**Entries for Stock Investments, Dividends, and Sale of Stock**Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:- **Feb. 24**: Acquired 400 shares of Tett Co.'s stock for $105 per share plus a $148 brokerage commission.- **May 16**: Acquired 1,600 shares of Isaacson Co.'s stock for $26 per share plus a $80 commission.- **July 14**: Sold 200 shares of Tett Co. stock for $117 per share less a $76 brokerage commission.- **Aug. 12**: Sold 600 shares of Isaacson Co. stock for $21 per share less a $65 brokerage commission.- **Oct. 31**: Received dividends of $0.24 per share on Tett Co. stock.- **Dec. 31**: At the end of the accounting period, the fair value of the remaining 200 shares of Tett Co.'s stock was $105.57 per share. The fair value of the remaining 1,000 shares of Isaacson Co.'s stock was equal to its cost of $26.05 per share.**Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry, leave it blank.**| Date | Debit | Credit ||----------|--------|--------|| Feb. 24 | | || May 16 | | || July 14 | | |(Note: The image does not provide specific journal entry details. Instead, it serves as a template where users are expected to fill in the transaction amounts for debit and credit entries based on the given transaction details and computations.) **Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry, leave it blank.**- **Feb. 24:** - [Dropdown] [Textbox] [Textbox]- **May 16:** - [Dropdown] [Textbox] [Textbox]- **July 14:** - [Dropdown] [Textbox] [Textbox]- **Aug. 12:** - [Dropdown] [Textbox] [Textbox]- **Oct. 31:** - [Dropdown] [Textbox] [Textbox]- **Dec. 31:** - [Dropdown] [Textbox] [Textbox]*Note: The dropdown is likely meant to select the type of transaction, and the textboxes are for entering monetary values or relevant information.*

Working notes for Dec.31 The cost of 200 shares of T company = 42148 * 200/400 = 21074 Unrealised…

Answered: IS Industnes inc. buys anu sells 24…

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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Delaney Company sells, for $280,000, a 40% of the shares it owns in Hunter Company. The carrying value of the Equity Investment relating to these shares is $240,000 on the date of sale. The journal entry to record the sale assuming Delaney keeps control over Hunter includes: Select one: A. Equity investment, debit, $240,000 B. Gain, credit, $40,000 C. APIC, credit, $40,000 D. Equity investment, credit, $280,000
Quan Corp. manufactures construction equipment. Feb. 2 Purchased for cash 5,000 shares of Celeste Inc.’s common stock for $20 per share plus a $100 brokerage commission. Celeste Inc. has 87,000 shares of common stock outstanding. Mar. 6 Received dividends of $0.45 per share on Celeste Inc. stock. June 7 Purchased 2,000 shares of Celeste Inc. stock for $27 per share plus a $130 brokerage commission. July 26 Sold 5,900 shares of Celeste Inc. stock for $35 per share less a $110 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.45 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 1,100 shares of Celeste Inc. stock was $31,677. Required: Journalize the entries to record the above selected equity investment transactions completed by Quan during a recent year using the fair value…
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Swifty Corporation purchased 400 shares of Sherman Inc. common stock for $14,100 (Swifty does not have significant influence). During the year, Sherman paid a cash dividend of $3.25 per share. At year-end, Sherman stock was selling for $35.50 per share. Assume the stock is nonmarketable. Prepare Swifty's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment. (Assume a zero balance in the Fair Value Adjustment account.) (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.) No. Account Titles and Explanation (a) (b) (c) Equity Investments Cash Cash Dividend Revenue Fair Value Adjustment Unrealized Holding Gain or Loss -Income Debit 14,100 1,300 100 Credit 14,100 1,300 100
Subject: acounting
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The following are two independent situations.Situation 1Novak Cosmetics acquired 10% of the 215,000 shares of common stock of Martinez Fashion at a total cost of $12 per share on March 18, 2020. On June 30, Martinez declared and paid $74,400 cash dividend to all stockholders. On December 31, Martinez reported net income of $133,600 for the year. At December 31, the market price of Martinez Fashion was $13 per share.Situation 2Splish, Inc. obtained significant influence over Seles Corporation by buying 30% of Seles’s 28,500 outstanding shares of common stock at a total cost of $9 per share on January 1, 2020. On June 15, Seles declared and paid cash dividends of $35,400 to all stockholders. On December 31, Seles reported a net income of $91,800 for the year.Prepare all necessary journal entries in 2020 for both situations. (
EG Corporation redeemed 200 shares of stock from one of its shareholders in exchange for $210,000. The redemption represented 20% of the corporation’s outstanding stock. The redemption was treated as an exchange by the shareholder. EG’s total E&P at the time of the distribution was $2,000,000. By what amount does EG reduce its total E&P as a result of the redemption? EG Corporation redeemed 200 shares of stock from one of its shareholders in exchange for $210,000. The redemption represented 20% of the corporation’s outstanding stock. The redemption was treated as an exchange by the shareholder. EG’s total E&P at the time of the distribution was $600,000. By what amount does EG reduce its total E&P as a result of the redemption?
Al Khuwair Co. purchased a truck for RO 5,000 by issuing 200 shares of RO 10 par value shares for RO 25 per share. Prepare the journal entry for this transaction
Dont uplode images in answer Journalize the following: a) Purchased 1200 shares of Spring Corporation common stock at $15 per share plus a brokerage fee of $50. Spring Corporation has 20,000 shares outstanding. b) Purchased an influential interest in Sunshine Co. for $45000 by purchasing 4,800 shares of the 10,000 of the outstanding. c) Received a cash dividend of $.50 per share on the Spring Corporation stock acquired in (a). d) Received a cash dividend of $1.00 per share on the Sunshine Co. stock acquired in (b). e) Sunshine Co. reported net income of 100,000. Recorded the appropriate amount of Sunshine Co. net income using the percentage of stock acquired in (b).

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