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On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of Jupiter Co. at $41.80 plus commission charges of $540. On June 1, a cash dividend of $0.80 per share was received. On November 12, 900 shares were sold at $50 less commission charges of $108. At the end of the accounting period on December 31, the fair value of the remaining 1,800 shares of Jupiter Company's stock was $42.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of Jupiter Co. at $41.80 plus commission charges of $540. On June 1, a cash dividend of $0.80 per share was received. On November 12, 900 shares were sold at $50 less commission charges of $108. At the end of the accounting period on December 31, the fair value of the remaining 1,800 shares of Jupiter Company's stock was $42.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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June 1 Cash 2,160 Dividend Revenue 2,160 Feedback c. Using the cost method, journalize the entry for the sale of 900 shares. If an amount box does not require an entry, leave it blank. Nov. 12 Cash 45,000 X Gain on Sale of Investments 7,380 Investments-Jupiter Co. Stock v 37,620 X Feedback d. Using the cost method, journalize the entry for the change in fair value. If an amount box does not require an entry, leave it blank. Dec. 31 Valuation Allowance for Equity Investments v 1,260 X Unrealized Gain on Equity Investments 1,260
Transcribed Image Text:June 1 Cash 2,160 Dividend Revenue 2,160 Feedback c. Using the cost method, journalize the entry for the sale of 900 shares. If an amount box does not require an entry, leave it blank. Nov. 12 Cash 45,000 X Gain on Sale of Investments 7,380 Investments-Jupiter Co. Stock v 37,620 X Feedback d. Using the cost method, journalize the entry for the change in fair value. If an amount box does not require an entry, leave it blank. Dec. 31 Valuation Allowance for Equity Investments v 1,260 X Unrealized Gain on Equity Investments 1,260
On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of Jupiter Co. at $41.80 plus commission charges of $540. On June 1, a cash dividend of $0.80 per share was received. On November 12, 900 shares were sold at $50 less commission charges of $108. At the end of the accounting period on December 31, the fair value of the remaining 1,800 shares of Jupiter Company's stock was $42.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank. Feb. 22 Investments-Jupiter Co. Stock 112,860 X Cash 112,860 X Feedback b. Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank. June 1 Cash v 2,160 V Dividend Revenue 2,160 Feedback c. Using the cost method, journalize the entry for the sale of 900 shares. If an amount box does not require an entry, leave it blank. Cash v Nov. 12 45,000 Gain on Sale of Investments 7,380 X
Transcribed Image Text:On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of Jupiter Co. at $41.80 plus commission charges of $540. On June 1, a cash dividend of $0.80 per share was received. On November 12, 900 shares were sold at $50 less commission charges of $108. At the end of the accounting period on December 31, the fair value of the remaining 1,800 shares of Jupiter Company's stock was $42.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank. Feb. 22 Investments-Jupiter Co. Stock 112,860 X Cash 112,860 X Feedback b. Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank. June 1 Cash v 2,160 V Dividend Revenue 2,160 Feedback c. Using the cost method, journalize the entry for the sale of 900 shares. If an amount box does not require an entry, leave it blank. Cash v Nov. 12 45,000 Gain on Sale of Investments 7,380 X
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Accounting for investment

Accounting for investment is the process of journalising the transactions occurred due to investments made in shares, debentures or bonds.

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