Required information [The following information applies to the questions displayed below.] Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence. April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. July 20 Purchased 1,000 shares of Xerox stock at $16 per share. August 15 Received a $1.00 per share cash dividend on the Gem Company stock. August 28 Sold 2,000 shares of Gem Company stock at $30 per share. October 1 Received a $2.50 per share cash dividend on the PepsiCo shares. December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares. December 31 Received a $1.50 per share cash dividend on the PepsiCo shares. The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. Required: 1. Prepare journal entries to record the preceding transactions and events. Note: Do not round your intermediate calculations.
Required information
[The following information applies to the questions displayed below.]
Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence.
April 16 Purchased 3,500 shares of Gem Company stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share.
July 20 Purchased 1,000 shares of Xerox stock at $16 per share.
August 15 Received a $1.00 per share cash dividend on the Gem Company stock.
August 28 Sold 2,000 shares of Gem Company stock at $30 per share. October 1 Received a $2.50 per share cash dividend on the PepsiCo shares.
December 15 Received a $1.00 per share cash dividend on the remaining Gem Company shares.
December 31 Received a $1.50 per share cash dividend on the PepsiCo shares.
The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.
Required:
1. Prepare journal entries to record the preceding transactions and events.
Note: Do not round your intermediate calculations.
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