Quan Corp. manufactures construction equipment. Feb. Mar. June July Sept. Dec. 2 Purchased for cash 5,000 shares of Celeste Inc.'s common stock for $20 per share plus a $100 brokerage commission. Celeste Inc. has 87,000 shares of common stock outstanding. Received dividends of $0.45 per share on Celeste Inc. stock. Purchased 2,000 shares of Celeste Inc. stock for $27 per share plus a $130 brokerage commission. Sold 5,900 shares of Celeste Inc. stock for $35 per share less á $110 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Received dividends of $0.45 per share on Celeste Inc. stock. At the end of the accounting period, the fair value of the remaining 1,100 shares of Celeste Inc. stock was $31,677. 6 7 26 25 31 Required: Journalize the entries to record the above selected equity investment transactions completed by Quan during a recent year using the fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your intermediate calculations to two decimal places. When required, round Sparch
Quan Corp. manufactures construction equipment. Feb. Mar. June July Sept. Dec. 2 Purchased for cash 5,000 shares of Celeste Inc.'s common stock for $20 per share plus a $100 brokerage commission. Celeste Inc. has 87,000 shares of common stock outstanding. Received dividends of $0.45 per share on Celeste Inc. stock. Purchased 2,000 shares of Celeste Inc. stock for $27 per share plus a $130 brokerage commission. Sold 5,900 shares of Celeste Inc. stock for $35 per share less á $110 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Received dividends of $0.45 per share on Celeste Inc. stock. At the end of the accounting period, the fair value of the remaining 1,100 shares of Celeste Inc. stock was $31,677. 6 7 26 25 31 Required: Journalize the entries to record the above selected equity investment transactions completed by Quan during a recent year using the fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your intermediate calculations to two decimal places. When required, round Sparch
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Insu tions
Quan Corp. manufactures construction equipment.
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Required:
Journalize the entries to record the above selected equity investment transactions completed by Quan during a recent year using the
fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for
journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit
entry when a credit amount is entered. Round your intermediate calculations to two decimal places. When required, round
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Q Search
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Purchased for cash 5,000 shares of Celeste Inc.'s common stock for $20 per share plus a $100
brokerage commission. Celeste Inc. has 87,000 shares of common stock outstanding.
Received dividends of $0.45 per share on Celeste Inc. stock.
Purchased 2,000 shares of Celeste Inc. stock for $27 per share plus a $130 brokerage commission.
Sold 5,900 shares of Celeste Inc. stock for $35 per share less á $110 brokerage commission. Quan
assumes that the first investments purchased are the first investments sold.
Received dividends of $0.45 per share on Celeste Inc. stock.
At the end of the accounting period, the fair value of the remaining 1,100 shares of Celeste Inc. stock
was $31,677.
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