On April 25, Mineral Corporation acquired 50,000 shares of the 550,000 outstanding common stock of Pluto Co.
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Question:
On April 25, Mineral Corporation acquired 50,000 shares of the 550,000 outstanding common stock of Pluto Co. at $35 plus commission charges of $500. On June 10, a cash dividend of $1.75 per share was received.
On October 10, 8,000 shares were sold at $43 less commission charges of $500.
At the end of the accounting period on December 31, the fair value of the remaining 42,000 shares of Mineral Company’s stock was $42.00 per share.
Journalize the entries for
(a) the purchase of stock,
(b) the receipt of dividends,
(c) the sale of 8,000 shares, and
(d) the change in fair value.
Related Book For
Financial Reporting And Analysis
ISBN: 9781260247848
8th Edition
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
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