Kramer Corporation had the following long-term investment transactions. Jan 2 Purchased 5,000 shares of Optic, Inc. for

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Kramer Corporation had the following long-term investment transactions.

Jan 2 Purchased 5,000 shares of Optic, Inc. for $42 per share plus $7,000 in fees and commission. These shares represent a 35% ownership of Optic.

Oct 15 Received Optic, Inc. cash dividend of $2 per share.

Dec 31 Optic reported a net loss of $66,000 for the year.

Prepare the journal entries Kramer Corporation should record for these transactions and events.

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Kramer Corporation had the following long-term investment transactions. Jan 2 Purchased 5,000 shares of Optic, Inc. for

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Dr Cr Jan 2 Shares 210000 Commission expense 7000 Cash 217000 To rec... View the full answer

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