Dollar Bill Investments completed these long-term, available-for-sale investment transactions during 2016:
Jan. 14 Purchased 200 shares of Microscape stock, paying $52 per share. The investment represents 4% ownership in Microscape's voting stock. Dollar Bill intends to hold the investment for the indefinite future.
Aug. 22 Received a cash dividend of $0.79 per share on the Microscape stock.
Dec. 31 Adjusted the investment to its current market value of $47 per share.
31 Microscape reported net income of $400,000 for the year ended 2016.
1. Journalize Dollar Bill’s investment transactions. Explanations are not required.
2. Classify and prepare partial financial statements for Dollar Bill’s Microscape investment as of December 31, 2016. Assume Dollar Bill Investments’ net income for the year is $40,000.

  • CreatedJune 15, 2015
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