Question

Prepare journal entries to record the following transactions and events of Kareen Company.
2009
Jan. 2 Purchased 55,000 shares of Altus Co. common stock for $374,000 cash plus a broker’s fee of $2,650 cash. Altus has 137,500 shares of common stock outstanding and its policies will be significantly influenced by Kareen.
Sept. 1 Altus declared and paid a cash dividend of $3.05 per share.
Dec. 31 Altus announced that net income for the year is $1,106,900.
2010
June 1 Altus declared and paid a cash dividend of $3.30 per share.
Dec. 31 Altus announced that net income for the year is $1,240,900.
Dec. 31 Kareen sold 11,000 shares of Altus for $294,250 cash.


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  • CreatedMarch 18, 2015
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