July 1 Purchased 7,000 shares in Ashling Outdoor Adventure Company for $4 per share. Happy Camper...

  

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July 1 Purchased 7,000 shares in Ashling Outdoor Adventure Company for $4 per share. Happy Camper does not have significant influence over Ashling. 7 Purchased 35% of the stock of Billybo Backpacks consisting of 70,000 shares of stock (out of a total of 200,000 shares) for $11 per share. Happy Camper doel have significant influence over Billybo. 10 Purchased a bond from Candy Canoes with a face value of $75,000. Happy Camper intends to hold the bond to maturity. The bond pays interest semiannually on June 30 and December 31. Received dividends of $0.70 per share from Ashling. Sep. 30 Nov. 1 Dec. 31 31 31 Received dividends of $0.40 per share from Billybo. Received an interest payment of $2,250 from Candy Canoes. Billybo Backpacks reported net income of $90,000 for the year. Adjusted the Ashling stock for a market value of $3.89 per share. 1. Journalize the transactions including any entries, if required, at December 31, 2019. 2. Determine the effect on Happy Camper Company's net income for the year for each of the three investments. Jul. 1: Purchased 7,000 shares in Ashling Outdoor Adventure Company for $4 per share. Happy Camper does not have significant influence over Ashiling Date Accounts and Explanations Debit Credit Jul. 1 Jul 7: Purchased 35% of the stock of Billybo Backpacks consisting of 70,000 shares of stock (out of a total of 200,000 shares) for $11 per share. Happy Camper does have significant influence over Billybo Credit Date Accounts and Explanations Debit 26.7 Jul. 10: Purchased a bond from Candy Cances with a face value of $75,000. Happy Camper intends to hold the bond to maturity. The bond pays interest semiannually on June 30 and December 31. Date Accounts and Explanations Debit Jul 10 Sep. 30: Received dividends of $0.70 per share from Ashling Date Accounts and Explanations Sep. 30 Debit Credit Credit Nov. 1: Received dividends of $0.40 per share from Billybo. Date Nov. 1 Accounts and Explanations Dec. 31: Received an interest payment of $2,250 from Candy Canoes. Date Accounts and Explanations Dec. 31 Debit Debit Credit Credit Dec. 31: Adjusted the Ashling stock for a market value of $3.89 per share. Date Accounts and Explanations Dec. 31 Investment Ashling Billybo Candy Debit Requirement 2. Determine pe effect on Happy Camper Company's net income for the year for each of the three investments. Review the journal entries prepared in Requirement 1. Net increase (decrease) in Happy Camper's 2019 income Credit July 1 Purchased 7,000 shares in Ashling Outdoor Adventure Company for $4 per share. Happy Camper does not have significant influence over Ashling. 7 Purchased 35% of the stock of Billybo Backpacks consisting of 70,000 shares of stock (out of a total of 200,000 shares) for $11 per share. Happy Camper doel have significant influence over Billybo. 10 Purchased a bond from Candy Canoes with a face value of $75,000. Happy Camper intends to hold the bond to maturity. The bond pays interest semiannually on June 30 and December 31. Received dividends of $0.70 per share from Ashling. Sep. 30 Nov. 1 Dec. 31 31 31 Received dividends of $0.40 per share from Billybo. Received an interest payment of $2,250 from Candy Canoes. Billybo Backpacks reported net income of $90,000 for the year. Adjusted the Ashling stock for a market value of $3.89 per share. 1. Journalize the transactions including any entries, if required, at December 31, 2019. 2. Determine the effect on Happy Camper Company's net income for the year for each of the three investments. Jul. 1: Purchased 7,000 shares in Ashling Outdoor Adventure Company for $4 per share. Happy Camper does not have significant influence over Ashiling Date Accounts and Explanations Debit Credit Jul. 1 Jul 7: Purchased 35% of the stock of Billybo Backpacks consisting of 70,000 shares of stock (out of a total of 200,000 shares) for $11 per share. Happy Camper does have significant influence over Billybo Credit Date Accounts and Explanations Debit 26.7 Jul. 10: Purchased a bond from Candy Cances with a face value of $75,000. Happy Camper intends to hold the bond to maturity. The bond pays interest semiannually on June 30 and December 31. Date Accounts and Explanations Debit Jul 10 Sep. 30: Received dividends of $0.70 per share from Ashling Date Accounts and Explanations Sep. 30 Debit Credit Credit Nov. 1: Received dividends of $0.40 per share from Billybo. Date Nov. 1 Accounts and Explanations Dec. 31: Received an interest payment of $2,250 from Candy Canoes. Date Accounts and Explanations Dec. 31 Debit Debit Credit Credit Dec. 31: Adjusted the Ashling stock for a market value of $3.89 per share. Date Accounts and Explanations Dec. 31 Investment Ashling Billybo Candy Debit Requirement 2. Determine pe effect on Happy Camper Company's net income for the year for each of the three investments. Review the journal entries prepared in Requirement 1. Net increase (decrease) in Happy Camper's 2019 income Credit

Answer rating: 100% (QA)

1 Journal Enkies particulars Date Debil credit July Investment in Ashling fo0ox 230o00 cash 28000 Be... View the full answer