Strategic Investments completed the following investment transactions during 2024: Requirements 1. Journalize Strategics investment transactions. Explanations are
Question:
Strategic Investments completed the following investment transactions during 2024:
Requirements
1. Journalize Strategic’s investment transactions. Explanations are not required.
2. Classify and prepare a partial balance sheet for Strategic’s Phyflexon investment as of December 31, 2024.
3. Prepare a partial income statement for Strategic Investments for year ended December 31, 2024.
Transcribed Image Text:
Jan. 14 Aug. 22 Dec. 31 31 Purchased 800 shares of Phyflexon stock, paying $50 per share. The investment represents 4% ownership in Phyflexon's voting stock. Strategic does not have significant influence over Phyflexon. Strategic intends to hold the investment for the indefinite future. Received a cash dividend of $0.24 per share on the Phyflexon stock. Adjusted the investment to its current market value of $45 per share. Phyflexon reported net income of $330,000 for the year ended 2024.
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1 2 3 Date 2024 Jan 14 Aug 22 Dec 31 Dec 31 Accounts ...View the full answer
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