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Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Mar. 6 June 7 July 26 Purchased for cash 1,600 shares of Celeste Inc.'s common stock for $44 per share plus a $800 brokerage commission. Celeste Inc. has 84,000 shares of common stock outstanding. Feb. 2 Received dividends of $0.20 per share on Celeste Inc. stock. Purchased 1,050 shares of Celeste Inc. stock for $54 per share plus a $525 brokerage commission. Sept. 25 Dec. 31 At the end of the accounting period, the fair value of the remaining 850 shares of Celeste Inc. stock was $49,325. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. 88 Mar, 6 Sold 1,800 shares of Celeste Inc. stock for $60 per share less a $900 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Received dividends of $0.30 per share on Celeste Inc. stock. Investments-Celeste Inc Stock Cash Cash Dividend Revenue

Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Mar. 6 June 7 July 26 Purchased for cash 1,600 shares of Celeste Inc.'s common stock for $44 per share plus a $800 brokerage commission. Celeste Inc. has 84,000 shares of common stock outstanding. Feb. 2 Received dividends of $0.20 per share on Celeste Inc. stock. Purchased 1,050 shares of Celeste Inc. stock for $54 per share plus a $525 brokerage commission. Sept. 25 Dec. 31 At the end of the accounting period, the fair value of the remaining 850 shares of Celeste Inc. stock was $49,325. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. 88 Mar, 6 Sold 1,800 shares of Celeste Inc. stock for $60 per share less a $900 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Received dividends of $0.30 per share on Celeste Inc. stock. Investments-Celeste Inc Stock Cash Cash Dividend Revenue

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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Mar. 6 Cash July 26 Dividend Revenue June 7 Investments-Celeste Inc. Stock Cash Cash Gain on Sale of Investments Investments-Celeste Inc. Stock Sept. 25 Cash Dividend Revenue Dec. 31 Valuation Allowance for Equity Investments Unrealized Gain on Equity Investments Feedback 00 00 000 00 00 000 00 Check My Work When recording the purchase of the investment, consider the amount of the brokerage commission. Record the revenue earned. When recording the cash received, consider the commission. To complete the entry determine and gain or loss to be recorded.
Transcribed Image Text:Mar. 6 Cash July 26 Dividend Revenue June 7 Investments-Celeste Inc. Stock Cash Cash Gain on Sale of Investments Investments-Celeste Inc. Stock Sept. 25 Cash Dividend Revenue Dec. 31 Valuation Allowance for Equity Investments Unrealized Gain on Equity Investments Feedback 00 00 000 00 00 000 00 Check My Work When recording the purchase of the investment, consider the amount of the brokerage commission. Record the revenue earned. When recording the cash received, consider the commission. To complete the entry determine and gain or loss to be recorded.
Entries for equity investments: less than 20% ownership Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Mar. 6 June 7 July 26 Purchased 1,050 shares of Celeste Inc. stock for $54 per share plus a $525 brokerage commission. Sold 1,800 shares of Celeste Inc. stock for $60 per share less a $900 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Received dividends of $0.30 per share on Celeste Inc. stock. At the end of the accounting period, the fair value of the remaining 850 shares of Celeste Inc. stock was $49,325. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. 88 Purchased for cash 1,600 shares of Celeste Inc.'s common stock for $44 per share plus a $800 brokerage commission. Celeste Inc. has 84,000 shares of common stock outstanding. Received dividends of $0.20 per share on Celeste Inc. stock. Sept. 25 Dec. 31 Feb. 2 Mar, 6 June 7 Investments-Celeste Inc. Stock July 26 Cash Cash Dividend Revenue Investments Celeste Inc. Stock Cash -V Cash Gain on Sale of Investments 00 000 00 000 88
Transcribed Image Text:Entries for equity investments: less than 20% ownership Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Mar. 6 June 7 July 26 Purchased 1,050 shares of Celeste Inc. stock for $54 per share plus a $525 brokerage commission. Sold 1,800 shares of Celeste Inc. stock for $60 per share less a $900 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Received dividends of $0.30 per share on Celeste Inc. stock. At the end of the accounting period, the fair value of the remaining 850 shares of Celeste Inc. stock was $49,325. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. 88 Purchased for cash 1,600 shares of Celeste Inc.'s common stock for $44 per share plus a $800 brokerage commission. Celeste Inc. has 84,000 shares of common stock outstanding. Received dividends of $0.20 per share on Celeste Inc. stock. Sept. 25 Dec. 31 Feb. 2 Mar, 6 June 7 Investments-Celeste Inc. Stock July 26 Cash Cash Dividend Revenue Investments Celeste Inc. Stock Cash -V Cash Gain on Sale of Investments 00 000 00 000 88
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