Oregon Co. had purchased 200 shares of Washington Co. for $40 each this year (Oregon Co. does
Question:
Oregon Co. had purchased 200 shares of Washington Co. for $40 each this year (Oregon Co. does not have significant influence). Oregon Co. sold 100 shares of Washington Co. stock for $45 each. At year-end, the price per share of the Washington Co. stock had dropped to $35.
Instructions
Prepare the journal entries for these transactions and any year-end adjustments.
Step by Step Answer:
1 Equity Investments 8000 Cash 200 shares X 40 8000 2 Cash 100 sh...View the full answer
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
Related Video
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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