Aug.1Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100. 1Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted the equity method.Sept.1Received a cash dividend of $1 per share on the Dankin Corporation stock acquired on August 1. 1Received a cash dividend of $2 per share on the Ramon Co. stock acquired on August 1.Dec.31Sold 100 shares of the Dankin Corporation shares acquired on August 1 for $2,100. 31Dankin Corporation reported net income of $30,000 and Ramon Company’s reported net income was $50,000.If an amount box does not require an entry, leave it blank.Aug. 1 fill in the blank 2 fill in the blank 4Aug. 1 fill in the blank 6 fill in the blank 8Sept. 1 fill in the blank 10 fill in the blank 12Sept. 1 fill in the blank 14 fill in the blank 16Dec. 31 fill in the blank 18fill in the blank 19 fill in the blank 21fill in the blank 22 fill in the blank 24fill in the blank 25Dec. 31 fill in the blank 27

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Answered: ug. 1 Purchased 600 shares of the…

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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Aug.	1	Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100.
	1	Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted the equity method.
Sept.	1	Received a cash dividend of $1 per share on the Dankin Corporation stock acquired on August 1.
	1	Received a cash dividend of $2 per share on the Ramon Co. stock acquired on August 1.
Dec.	31	Sold 100 shares of the Dankin Corporation shares acquired on August 1 for $2,100.
	31	Dankin Corporation reported net income of $30,000 and Ramon Company’s reported net income was $50,000.

If an amount box does not require an entry, leave it blank.

Aug. 1	fill in the blank 2
		fill in the blank 4
Aug. 1	fill in the blank 6
		fill in the blank 8
Sept. 1	fill in the blank 10
		fill in the blank 12
Sept. 1	fill in the blank 14
		fill in the blank 16
Dec. 31	fill in the blank 18	fill in the blank 19
	fill in the blank 21	fill in the blank 22
	fill in the blank 24	fill in the blank 25
Dec. 31	fill in the blank 27

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