Question: To acquire Peoples Corporation stock J Rich pays 62 000 in
To acquire Peoples Corporation stock, J. Rich pays $62,000 in cash. What entry should be made for this investment?
Answer to relevant QuestionsLing Corporation uses the equity method to account for its ownership of 35% of the common stock of Gorman Packing. During 2014, Gorman reported a net income of $80,000 and declares and pays cash dividends of $10,000. What ...Deering Wholesale Supply owns stock in Orr Corporation. Deering intends to hold the stock indefinitely because of some negative tax consequences if sold. Should the investment in Orr be classified as a short-term investment? ...Kruger Corporation has the following long-term investments. (1) Common stock of Eidman Co. (10% ownership) held as available-for-sale securities cost $108,000, fair value $115,000. (2) Common stock of Pickerill Inc. (30% ...On February 1, Rinehart Company purchased 500 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Rinehart Company sold 100 shares of Givens stock for $2,900. Rinehart received a dividend of ...Heidebrecht Design acquired 20% of the outstanding common stock of Quayle Company on January 1, 2014, by paying $800,000 for the 30,000 shares. Quayle declared and paid $0.30 per share cash dividends on March 15, June 15, ...
Post your question