The following events are for King Investment Inc.: Required Prepare general journal entries to record each transaction.
Question:
The following events are for King Investment Inc.:
Required
Prepare general journal entries to record each transaction. Round per share calculations to two decimal places.
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2020 Purchased 187,600 shares of Jack Inc. common shares for $175,900. Jack has 938,000 common shares 25 Feb. outstanding and has acknowledged the fact that its policies will be significantly infiluenced by King. Jack declared and paid a cash dividend of $0.45 per share. Jack announced that profit for the year amounted to $669,000. Ot. 31 Dec. 2021 Jack declared and paid a cash dividend of $0.46 per share. April Dec. Jack announced that profit for the year amounted to $752,100. 31 King sold 79,000 shares of Jack for $113,820. 31
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King Investment Incs investment equals 20 of Jacks shares 187600938000 The equity method should be u...View the full answer
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Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1260305838
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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