Journalize the following: Purchased 7,500 shares of Solstice Corp. at $40 per share, plus a $150 brokerage commission. The investment is classified as an available- for-sale investment.
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Journalize the following
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- Answer in table formatPrepare journal entries to record the following investment-related transactions of a company for its first year of operations: On May 4, the company purchased 600 shares of Orbital Company Stock at $140 per share as a short-term investment in an available-for-sale security. On July 1, received a $2.50 per share cash dividend on the Orbital Company stock purchased in transaction (a). On September 15, sold 250 shares of Orbital Company stock purchased in transaction (a) for $85 per share On October 15, sold 100 shares of Orbital Company stock purchased in transaction (a) for $185 per shareplease prepare the journal entries Q1. Sold 22,500 Treasury shares at $2 each. Q2. Purchased 10% shareholding in Charlie Limited, a supplier, as a long-term investment. The fair value of the 10% shareholding was $2,900,000 as at 1 March. The purchase consideration included a $2,700,000 note receivable due from Charlie Limited and the related interest receivable balance of $144,000, $140,000 cash and a motor vehicle owned by ITI. The motor vehicle was originally obtained at $120,000. ( for depreciation details, refer to Q1 of additional information.) Q3. A 10% share dividend was declared when the market value per share was $2.1. Q4. Paid cash to acquired 30,000 shares of its own at $2.3 each. ITI intends to keep the shares for several months for management bonus.
- Journalize the entries for these transactions. If required, round the final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.Please given correct answer general accountingIris Corporation makes an investment in 200 shares of Harolds Company’s common stock. The stock is purchased for $40 a share plus brokerage fees of $425. Which of the following is the correct entry for the purchase? Cash $8,000 Investments - Harolds Company Stock $8,000 Investments – Harolds Company Stock $8,425 Cask $8,425 Investments - Harolds Company Stock $8,000 Brokerage Fee Expense 425 Cash $8,425 ROCK Investments – Harolds Company Stock %8,000 Cash $8,000
- Can you please help me solve this question?Purchased 7,500 shares of Solstice Corp. at $40 per share plus a $150 brokerage commission. The investment is classified as an available-for-sale investment. Purchased 8,000 shares of treasury common stock at $33 per share. Purchased 40,000 shares of Pinkberry Co. stock directly from the founders for $24 per share. Pinkberry has 125,000 shares issued and outstanding. Equinox Products Inc. treated the investment as an equity method investment. Declared a $1.00 quarterly cash dividend per share on preferred stock. On the date of record, 20,000 shares of preferred stock had been issued. Paid the cash dividends to the preferred stockholders. Received $27,500 dividend from Pinkberry Co. investment in (h). Purchased $90,000 of Dream Inc. 10-year, 5% bonds, directly from the issuing company, at their face amount plus accrued interest of $375. The bonds are classified as a held-to-maturity long-term investment. Sold, at $38 per share, 2,600 shares of treasury common stock…On May 12, year 1, Chewco Co. Purchased... Please provide answer the general accounting question
- The investments of Charger Inc. include a single investment: 14,500 shares of Raiders Inc. common stock purchased on February 24, Year 1, for $38 per share including brokerage commission. These shares were classified as trading securities. As of the December 31,Year 1, balance sheet date, the share price had increased to $42 per share.a. Journalize the entries to acquire the investment on February 24 and record the adjustment to fair value on December 31, Year 1.b. How is the unrealized gain or loss for trading investments reported on the financial statements?Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Purchased for cash 1,050 shares of Celeste Inc.’s common stock for $75 per share plus a $525 brokerage commission. Celeste Inc. has 82,000 shares of common stock outstanding. Mar. 6 Received dividends of $0.20 per share on Celeste Inc. stock. June 7 Purchased 650 shares of Celeste Inc. stock for $87 per share plus a $325 brokerage commission. July 26 Sold 1,200 shares of Celeste Inc. stock for $93 per share less a $600 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.30 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 500 shares of Celeste Inc. stock was $46,250. If an amount box does not require an entry, leave it…Please given correct answer General accounting question