Journalizing equity investment transactions; fair value method 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. Purchased 1,000 shares of Tett Co.'s common stock for $85 per share. May 16. Purchased 2,500 shares of Isaacson Co.'s common stock for $35. July 14. Sold 400 shares of Tett Co. stock for $102 per share. Aug. 12. Sold 750 shares of Isaacson Co. stock for $32 per share. Oct. 31. Received dividends of $0.40 per share on Tett Co. stock. Dec. 31. At the end of the accounting period, the fair value of the remaining 600 shares of Tett Co.'s stock was $110 per share. The fair value of the remaining 1,750 shares of Isaacson Co.'s stock was $30 per share. Journalize the entries for these transactions. If an amount box does not require an entry, leave it blank. Feb. 24 May 16 July 14 Aug. 12 Oct. 31 Dec. 31
Journalizing equity investment transactions; fair value method 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. Purchased 1,000 shares of Tett Co.'s common stock for $85 per share. May 16. Purchased 2,500 shares of Isaacson Co.'s common stock for $35. July 14. Sold 400 shares of Tett Co. stock for $102 per share. Aug. 12. Sold 750 shares of Isaacson Co. stock for $32 per share. Oct. 31. Received dividends of $0.40 per share on Tett Co. stock. Dec. 31. At the end of the accounting period, the fair value of the remaining 600 shares of Tett Co.'s stock was $110 per share. The fair value of the remaining 1,750 shares of Isaacson Co.'s stock was $30 per share. Journalize the entries for these transactions. If an amount box does not require an entry, leave it blank. Feb. 24 May 16 July 14 Aug. 12 Oct. 31 Dec. 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Journalizing equity investment transactions; fair value method
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. Purchased 1,000 shares of Tett Co.'s common stock for $85 per share.
May 16. Purchased 2,500 shares of Isaacson Co.'s common stock for $35.
July 14. Sold 400 shares of Tett Co. stock for $102 per share.
Aug. 12. Sold 750 shares of Isaacson Co. stock for $32 per share.
Oct. 31. Received dividends of $0.40 per share on Tett Co. stock.
Dec. 31. At the end of the accounting period, the fair value of the remaining 600 shares of Tett Co.'s stock
was $110 per share. The fair value of the remaining 1,750 shares of Isaacson Co.'s stock was $30
per share.
Journalize the entries for these transactions. If an amount box does not require an entry, leave it blank.
Feb. 24
May 16
July 14
Aug. 12
Oct. 31
Dec. 31](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3aff424b-0e96-4e90-b1d6-dc40303839e0%2F839cc0af-8ed4-4758-9a52-21b563535765%2F4f6qgh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Journalizing equity investment transactions; fair value method
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. Purchased 1,000 shares of Tett Co.'s common stock for $85 per share.
May 16. Purchased 2,500 shares of Isaacson Co.'s common stock for $35.
July 14. Sold 400 shares of Tett Co. stock for $102 per share.
Aug. 12. Sold 750 shares of Isaacson Co. stock for $32 per share.
Oct. 31. Received dividends of $0.40 per share on Tett Co. stock.
Dec. 31. At the end of the accounting period, the fair value of the remaining 600 shares of Tett Co.'s stock
was $110 per share. The fair value of the remaining 1,750 shares of Isaacson Co.'s stock was $30
per share.
Journalize the entries for these transactions. If an amount box does not require an entry, leave it blank.
Feb. 24
May 16
July 14
Aug. 12
Oct. 31
Dec. 31
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