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).

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

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).

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education