Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status REQ
ID: 2403573 • Letter: R
Question
Remaining Time: 31 minutes, 22 seconds QUESTION 1 Question Completion Status REQUIRED: 1 During 2018, Stephenson experienced the following transactions relating to its investment in stock: 6/1 Stephenson purchased 700 shares of Dawe common share for $14,600 9/1 11/1 12/30 Dawe paid cash dividends, $1/share Stephenson sold 20% of the Dave shares for $6,300 in total. Dawe paid cash dividends, $.50/share >>Present the journal entries for the transaction on the books of Stephenson. REQUIRED: 2. Sherollyn Company invested in two companies in 2020 These company are Bamco Company and KingFeco Industries, Inc. Facts about both investments are as follows: FV/share at 12/31 Income of Investee %Holding 40% 7.5% #0f shares Held 30,000 15,000 Cost/share 511 $13 Investee $11.50 $14.75 $80,000 $122,000 Bamco KingFeco In addition, Bamco paid $60,000 in total cash dividends in 2020 KingFeco paid a $30,000 total cash dividend in 2020 >>Prepare ALL 2020 required journal entries for both investments on the books of Sherrollyn Company REQUIRED: Juli e Company pu chased bonds with a total face value $900,000 f om K pple Company on February 1 2018 at 100 quote The bonds are 9% 51,000 bonds 3. and pay interest every February 1 The bonds are a trading security on Julie's books. On December 31, the bonds have a market value reflecting a 97 quote. >>Present ALL iournal entries related to the bond investment reauired by Jullie in 2018 December 31 is fiscal year en Click Save and Submit to save and submit. Click Save All Answers to save all answersExplanation / Answer
SOLUTION
Question -1
Date Account titles and Explanation Debit ($) Credit ($) 6/1 Investment in Stock 14,600 Common shares 14,600 (To record purchase of shares) 9/1 Dividend (700 * $1) 700 Cash 700 (To record payment of dividend) 11/1 Cash 6,300 Investment in shares 6,300 (To record sales of Dawe shares) 12/30 Dividends 280 Cash (700 * 80% * $0.50) 280 (To record payment of dividend)