Using the following categories, indicate the effects (direction and amount) of the transactions listed in MD 1 Use for increase and for decrease Data From MD 1 On January 2, Ubuy com paid $100,000 to acquire 25 percent (10,000 shares) of the common stock of E Net Corporation The accounting period f...

Transaction Assets Liabilities Stockholders Equity Jan 2 Investments 10 ...

Using the following categories, indicate the effects (direction and amount) of the transactions listed in MD-1. Use

Question:

Using the following categories, indicate the effects (direction and amount) of the transactions listed in MD-1. Use + for increase and − for decrease.

Balance Sheet Transaction Assets Liabilities Stockholders' Equity Income Statement Net Revenues Expenses

Data From MD-1:

On January 2, Ubuy.com paid $100,000 to acquire 25 percent (10,000 shares) of the common stock of E-Net Corporation. The accounting period for both companies ends December 31. Give the journal entries for the purchase on January 2 and for each of the following transactions that occurred during the year:

July 2 E-Net declared and paid a cash dividend of $3 per share.
Dec. 31 E-Net reported net income of $200,000.

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