On April 1, 2024, Blossom Company purchased 38,400 common shares in Ecotown Ltd. for $17 per...

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On April 1, 2024, Blossom Company purchased 38,400 common shares in Ecotown Ltd. for $17 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $19 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit On April 1, 2024, Blossom Company purchased 38,400 common shares in Ecotown Ltd. for $17 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $0.10 per share and its shares were trading at $19 per share on December 31. Prepare the required entries to record the purchase, dividends, and year-end adjusting journal entry (if any) for this investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Debit Credit

Answer rating: 100% (QA)

April 1 2024 Investment in Ecotown 652800 Cash 652800 To record purchase of 38400 share... View the full answer