Question

Refer to the information in RE13-3. Assume that on December 31, 2016, Wolipack received interest on the Todd Corporation bonds as well as a $3 dividend per share interest on the Cornett Company stock. Prepare the December 31 journal entries to record the receipt of the interest and the receipt of the dividends.
In RE13-3
These securities consisted of (a) Todd Corporation 10%, 5-ycar bonds with a face value of $20,000 which were purchased for $18,500 and (b) 300 shares of Cornett Company common stock which were purchased at $40 per share


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  • CreatedOctober 05, 2015
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