Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is Decemb- Lowland Company reports its investments according to ASPE. 1) On January 21, 2020, Lowland Company purchased 280 common shares of Marksmen Holding on the Stock Exchange at $18.18 per share. This represents a very small percentage of outstanding shares in the and Lowland Company plans to keep these for more than one year. 2) On September 30, 2020, Lowland Company received dividends from Marksmen Holding of $1.93 per 3) On December 31, 2020, the trading price of Marksmen Holding went up to $19.99 per share. 4) On January 28, 2021, Lowland Company sold all Marksmen Holding shares at $21.68 per share. Required Record journal entries for Lowland Company's investment activities. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order. Round all answers to 2 decimal places. Dobit Crodit
Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is Decemb- Lowland Company reports its investments according to ASPE. 1) On January 21, 2020, Lowland Company purchased 280 common shares of Marksmen Holding on the Stock Exchange at $18.18 per share. This represents a very small percentage of outstanding shares in the and Lowland Company plans to keep these for more than one year. 2) On September 30, 2020, Lowland Company received dividends from Marksmen Holding of $1.93 per 3) On December 31, 2020, the trading price of Marksmen Holding went up to $19.99 per share. 4) On January 28, 2021, Lowland Company sold all Marksmen Holding shares at $21.68 per share. Required Record journal entries for Lowland Company's investment activities. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order. Round all answers to 2 decimal places. Dobit Crodit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is December 3
Lowland Company reports its investments according to ASPE.
1) On January 21, 2020, Lowland Company purchased 280 common shares of Marksmen Holding on the Tore
Stock Exchange at $18.18 per share. This represents a very small percentage of outstanding shares in the co
and Lowland Company plans to keep these for more than one year.
2) On September 30, 2020, Lowland Company received dividends from Marksmen Holding of $1.93 per sham
3) On December 31, 2020, the trading price of Marksmen Holding went up to $19.99 per share.
4) On January 28, 2021, Lowland Company sold all Marksmen Holding shares at $21.68 per share.
Required
Record journal entries for Lowland Company's investment activities.
Do not enter dollar signs or commas in the input boxes.
For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order.
Round all answers to 2 decimal places.
Date
Account Title and Explanation
Debit
Credit
Jan 21
n search
Transcribed Image Text:acquisition of common shares
Sep 30
To record dividend received
Dec 31
To record fair value adjustment to shares
Jan 28
To record sale of common shares
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