On January 5, 2020, Marin Company purchased the following stock securities: 318 shares Bonter Corporation common...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
On January 5, 2020, Marin Company purchased the following stock securities: 318 shares Bonter Corporation common stock for $4,770. 530 shares Wane Corporation common stock for $10,600. 848 shares Strauss Corporation common stock for $24,168. Assume that Marin Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments. On June 30, 2020, Marin Company received the following cash dividends: Bonter Corporation Wane Corporation Strauss Corporation $2.00 per share $1.00 per share $1.50 per share On November 15, 2020, Marin Company sold 180 shares of Strauss Corporation common stock for $8,100. On December 31, 2020, the fair value of the securities held by Marin Company is as follows: Bonter Corporation common stock Wane Corporation common stock Strauss Corporation common stock Per Share $10 16 28 Prepare the appropriate journal entries that Marin Company should make during 2020 to account for the company's stock portfolio. On January 5, 2020, Marin Company purchased the following stock securities: 318 shares Bonter Corporation common stock for $4,770. 530 shares Wane Corporation common stock for $10,600. 848 shares Strauss Corporation common stock for $24,168. Assume that Marin Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments. On June 30, 2020, Marin Company received the following cash dividends: Bonter Corporation Wane Corporation Strauss Corporation $2.00 per share $1.00 per share $1.50 per share On November 15, 2020, Marin Company sold 180 shares of Strauss Corporation common stock for $8,100. On December 31, 2020, the fair value of the securities held by Marin Company is as follows: Bonter Corporation common stock Wane Corporation common stock Strauss Corporation common stock Per Share $10 16 28 Prepare the appropriate journal entries that Marin Company should make during 2020 to account for the company's stock portfolio.
Expert Answer:
Answer rating: 100% (QA)
SOLUTION To account for Marin Companys stock portfolio during 2020 we need to prepare journal entries for the purchase of stocks receipt of cash divid... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
Posted Date:
Students also viewed these accounting questions
-
What type of control involves the use of background checks and employee training to ensure that personnel understand and follow security policies and procedures?
-
A Case Study of Financial Reporting Issues Qing L. Burke Tim V. Eaton Miami University Alibaba Group Initial Public Offering: A Case Study of Financial Reporting Issues ABSTRACT: In September 2014,...
-
The following draft statement of financial positions relate to Largo, a public limited company, Fusion, a public limited company and Spine, a public limited company, as at 30 November 20X3. The...
-
Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2014, the first month of operations: Materials purchased on...
-
Graphite, C, at P0, T0 is burned with air coming in at P0, 900 R in a ratio so the products exit at P0, 2200 R. Find the equivalence ratio, the percent theoretical air and the total irreversibility
-
The figure shows a finger exerciser used by law-enforcement officers and athletes to strengthen their grip. It is formed by winding A227 hard-drawn steel wire around a mandrel to obtain 2 turns when...
-
Marian Crone owns and operates a public relations firm called Dance Fever, Inc. The following amounts summarize her business on August 31, 2011: During September 2011, the business completed the...
-
In 2008, Keenan Company paid dividends totaling $3,600,000 on net income of $10.8 million. Note that 2008 was a normal year and that for the past 10 years, earnings have grown at a constant rate of...
-
A charge of 91 =8.4 C is located at (x1,y1) = (-7.9 m, 4.8 m). A charge of 92 =7.6 C is located at (x2, y2)=(2 m, 5.5 m). A charge of 93 =-4.1 nC is located at the origin. In newtons, what is the y-...
-
Anchovy acquired 90 percent of Yelton on January 1, 2009. Of Yeltons total acquisition-date fair value, $60,000 was allocated to undervalued equipment (with a 10-year life) and $80,000 was attributed...
-
Your resume includes a well - designed graph and chart displaying your skills, but you did not hear back from the hiring manager. Why could this be ?
-
How can functionalism be reconciled with emergent social issues, such as systemic inequalities and social justice movements, which challenge the assumption of inherent social order and stability?
-
Simplify the complex numbers 155 -125 5i5 112 2i28 4i7 64 +3 3+8i 3 + i64 I 10+ i72 10+72 10 + 6i2 32-9 - 9+ 4i2-9 +142
-
Let $$ f(x)=\left\{\begin{array} {11} \frac{\cos (x)-1}{x} & x eq 0 \\ 0 & x=0 \end{array} ight. $$ Find the power series representation of $f(x) $ and write down the first four non- zero terms of...
-
How does functionalism address the interdependence between individual agency and structural forces, particularly in relation to the perpetuation of social norms and values across generations ?
-
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $2,000 and the variable cost per cup of coffee served is $0.36....
-
Trek is a manufacturing company that produces high-end bicycles. Their prime road bike, the MadOne, can be fully customized through a program called Project One. Last year they rolled out 1,110 bikes...
-
Find an equation of the given line. Slope is -2; x-intercept is -2
-
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records for the most popular item in inventory showed the...
-
During January 2014, Pentagon Company purchased 12,000 shares of the 200,000 outstanding common shares (no-par value) of Square Corporation at $25 per share. This block of stock was purchased as a...
-
Carey Corporation has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these...
-
Electronic devices contain electric circuits etched into wafers made of silicon. These silicon wafers are sealed with an ultrathin layer of silicon dioxide, in a process known as oxidation. This can...
-
Fill in the blank: If large values of one variable are associated with small values of another, then the two variables have a _______________________ association.
-
For each of the following scatterplots, state the type of association that is exhibited: Choices: positive linear, negative linear, positive nonlinear, negative nonlinear, weak linear. b. d. e.
Study smarter with the SolutionInn App