At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows Security...
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At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows Security Costco Preferred stock 5%, $25 par Shares Unit Cost Unit Market Value Dec 31 800 $125 $135 Kmart Common stock $ 10 par 300 25 20 The fiscal year ends December 31, and these securiies were all purchased during the Year 2012 Required Investor Entries: 1) Prepare the journal entry to record the acquisiton of these investments on January 1 (6 pts) 2) Prepare the journal entry to record receipt of Cosco annual preferred cash dividends Oct 31 (6 pts) 3) Prepare any necessay entries at year end December 31 (6 pts) At December 31. 2012 the investment in Trading securities of Kellogg Company were as follows Security Costco Preferred stock 5%, $25 par Shares Unit Cost Unit Market Value Dec 31 800 $125 $135 Kmart Common stock $ 10 par 300 25 20 The fiscal year ends December 31, and these securiies were all purchased during the Year 2012 Required Investor Entries: 1) Prepare the journal entry to record the acquisiton of these investments on January 1 (6 pts) 2) Prepare the journal entry to record receipt of Cosco annual preferred cash dividends Oct 31 (6 pts) 3) Prepare any necessay entries at year end December 31 (6 pts)
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Solution Answer to Requirement 1 Date Jan1 Investment in Costco 800 x 125 Investme... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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