Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2025, the securities were carried in
Question:
Cole Inc. owns shares of Marlin Corporation stock. At December 31, 2025, the securities were carried in Cole’s accounting records at their cost of $875,000, which equals their fair value. On September 21, 2026, when the fair value of the securities was $1,200,000, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2026, to stockholders of record on October 8, 2026. Prepare all journal entries necessary on those three dates.
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September 21 Equity Investments Gain on Invest...View the full answer
Intermediate Accounting
ISBN: 9781119790976
18th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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