Please answer both questions completely On August 1, Cullumber Company buys 1,000 shares of Estrada common stock for $37,000 cash. On December 1, Cullumber sells thestock investments for $40,000 in cash.Journalize the purchase and sale of the common stock. (List all debit entries before credit entries. Credit account titles are automaticallyindented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required,select "No entry" for the account titles and enter O for the amounts.)Account Titles and ExplanationDebitCreditDate Sandhill Company owns 25% of Lauer Company. For the current year, Lauer reports net income of $195,000 and declares and pays a$39,000 cash dividend.Record Sandhill's equity in Lauer's net income and the receipt of dividends from Lauer. (List all debit entries before credit entries. Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for theaccount titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditDec. 31(To record equity in Lauer's net income)Dec. 31(To record dividends received)

date account title and explanation Debit Credit Aug 1 Investment in Estrada 37000 Cash…

On August 1, Cullumber Company buys 1,0000 shares of Estrada common stock for $37,000 cash. On December 1, Cullumber sells the stock investments for $40,000 in cash. Journalize the purchase and sale of the common stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)

On August 1, Cullumber Company buys 1,0000 shares of Estrada common stock for $37,000 cash. On December 1, Cullumber sells the stock investments for $40,000 in cash. Journalize the purchase and sale of the common stock. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9RE: Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for...

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