The following are transactions in the purchase and sale of Investee Ltd. shares by Investor Inc....
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The following are transactions in the purchase and sale of Investee Ltd. shares by Investor Inc. January 15, 2020 Purchased 2,000 shares of Investee Ltd, at $20.00 and paid $125 in brokerage fees. Investee Ltd. has a total of 87,000 shares, issued and outstanding. February 10, 2020 Received $1.00 dividend/share from Investee Ltd. December 31, 2020 Investee Ltd. reported net income of $6.000. December 31, 2020 Market value of Investee Ltd. shares $22.00. June 30, 2021 Sold all shares of Investee Ltd. for $21.00 per share. Required a. Record the journal entries for the above transactions for Investor Inc. b. What amounts are reported on the balance sheet and the income statement for this investment for the year ended Dec 31, 2020 for Investor Inc.? The following are transactions in the purchase and sale of Investee Ltd. shares by Investor Inc. January 15, 2020 Purchased 2,000 shares of Investee Ltd, at $20.00 and paid $125 in brokerage fees. Investee Ltd. has a total of 87,000 shares, issued and outstanding. February 10, 2020 Received $1.00 dividend/share from Investee Ltd. December 31, 2020 Investee Ltd. reported net income of $6.000. December 31, 2020 Market value of Investee Ltd. shares $22.00. June 30, 2021 Sold all shares of Investee Ltd. for $21.00 per share. Required a. Record the journal entries for the above transactions for Investor Inc. b. What amounts are reported on the balance sheet and the income statement for this investment for the year ended Dec 31, 2020 for Investor Inc.?
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1 Date Account Titles Debit Credit January 15 2020 Inve... View the full answer
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
Posted Date:
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