Lisa Company had outstanding 100,000 shares of common stock. On January 10, 2021, Marg Company purchased...
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Lisa Company had outstanding 100,000 shares of common stock. On January 10, 2021, Marg Company purchased a block of these shares in the open market at $30 per share. At the end of 2021, Lisa reported net income of $240,000 and cash dividends of $0.30 per share. At December 31, 2021, Lisa Company stock was selling at $28 per share. 2-a. Prepare the journal entries for Marg Company at the dates indicated for Case A: 15,000 shares purchased. 2-b. Prepare the journal entries for Marg Company at the dates indicated for Case 8: 34,000 shares purchased. 3. Complete the following schedule to show the separate amounts that should be reported on the 2021 financial statements of Marg Company Lisa Company had outstanding 100,000 shares of common stock. On January 10, 2021, Marg Company purchased a block of these shares in the open market at $30 per share. At the end of 2021, Lisa reported net income of $240,000 and cash dividends of $0.30 per share. At December 31, 2021, Lisa Company stock was selling at $28 per share. 2-a. Prepare the journal entries for Marg Company at the dates indicated for Case A: 15,000 shares purchased. 2-b. Prepare the journal entries for Marg Company at the dates indicated for Case 8: 34,000 shares purchased. 3. Complete the following schedule to show the separate amounts that should be reported on the 2021 financial statements of Marg Company
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2a Journal entries for Marg Company Case A 15000 shares purchased January 10 2021 Purchase of shares ... View the full answer
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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