Rowan Co. purchases 300 common shares (40 %) of JBI Corp. as a long-term investment for...

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Rowan Co. purchases 300 common shares (40 %) of JBI Corp. as a long-term investment for $700,000 cash on July 1. JBI Corp. paid $20,000 in total cash dividends on November 1 and reported net income of $400,000 for the year. (1)-(3) Prepare Rowan's entries to record the purchase of JBI shares, the receipt of its share of JBI dividends and the December 31 year-end adjustment for its share of JBI net income. View transaction list Journal entry worksheet < 1 2 Record the purchase of JBI shares. Date Jul 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general Journal Rowan Co. purchases 300 common shares (40 %) of JBI Corp. as a long-term investment for $700,000 cash on July 1. JBI Corp. paid $20,000 in total cash dividends on November 1 and reported net income of $400,000 for the year. (1)-(3) Prepare Rowan's entries to record the purchase of JBI shares, the receipt of its share of JBI dividends and the December 31 year-end adjustment for its share of JBI net income. View transaction list Journal entry worksheet < 1 2 Record the purchase of JBI shares. Date Jul 01 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general Journal

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1 Purchase of JBI Shares on July 1 Rowan Co purchases 300 comm... View the full answer