Question

Present entries to record the following selected transactions of Belton Co.
a. Purchased 500 shares of the 100,000 shares outstanding $10 par common shares of Denver Corp. for $5,100.
b. Purchased 2,000 shares of the 10,000 shares no par common shares of Reilly Co. for $45,600. The investment was accounted for by the equity method.
c. Received a cash dividend of $1 per share on the Denver corp. stock acquired in (a).
d. Received a cash dividend of $2 per share on the Reilly Co. stock acquired in (b).
e. Sold 100 shares of the Denver Corporation shares acquired in (a) for $2,100.
f. Recorded the appropriate share of Reilly's Co. net income of $50,000. The stock was acquired in (b).



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  • CreatedAugust 26, 2013
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