Vaughn Joseph Inc, acquired 20% of the outstanding common stock of Theresa Carla Vista Inc. on December 31, 2025. The purchase price was $1.294,800 for 49,800 shares. Carla Vista Inc. declared and paid an $0.75 per share cash dividend on June 30 and on December 31, 2026. Carla Vista reported net income of $764,000 for 2026. The fair value of Carla Vista's stock was $29 per share at December 31, 2026. Assume that the security is a trading security. (a) Prepare the journal entries for Vaughn Joseph Inc. for 2025 and 2026, assuming that Joseph cannot exercise significant influence over Carla Vista. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts Record journal entries in the order presented in the problem) Date Dec. 31, 2025 V June 30,2026 V Dec. 21.2026 Account Titles and Explanation Sales Revenue Cash Cash Dividend Revenue Cash Dividend Revenue (To record dividend.) Fair Value Adjustment Unrealized Holding Gain or Loss Equity (To record fair value) Debit 1,294,800 37350 37350 100 Credit

Vaughn Joseph Inc, acquired 20% of the outstanding common stock of Theresa Carla Vista Inc. on December 31, 2025. The purchase price was $1.294,800 for 49,800 shares. Carla Vista Inc. declared and paid an $0.75 per share cash dividend on June 30 and on December 31, 2026. Carla Vista reported net income of $764,000 for 2026. The fair value of Carla Vista's stock was $29 per share at December 31, 2026. Assume that the security is a trading security. (a) Prepare the journal entries for Vaughn Joseph Inc. for 2025 and 2026, assuming that Joseph cannot exercise significant influence over Carla Vista. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts Record journal entries in the order presented in the problem) Date Dec. 31, 2025 V June 30,2026 V Dec. 21.2026 Account Titles and Explanation Sales Revenue Cash Cash Dividend Revenue Cash Dividend Revenue (To record dividend.) Fair Value Adjustment Unrealized Holding Gain or Loss Equity (To record fair value) Debit 1,294,800 37350 37350 100 Credit

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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