Charlie has the following equity investment portfolio. Charlie bought each the stocks on 02-22-20. Charlie’s investment in each of the companies accounts for less than 1% of each company’s outstanding common shares.

	Cost	Fair Value	Fair Value	Fair Value
		3/31-2020	6/30/2020	9/30-2020
Bruin	50,000	60,000	70,000	90,000
Wildcat	40,000	35,000	38,000	30,000
Ute	75,000	61,000	95,000
Total	165,000	156,000	203,000	120,000

On 07-14-20, Charlie sold all of the Ute stock for $100,000.

On 08-15-20, Charlie received a $1,200 dividend on its investment in Wildcat. This was the first dividend Charlie received on its equity investments.

Charlie only prepares AJEs every QUARTER (03-31, 06-30, 09-30, and 12-31).

Prepare the entries Charlie made on:

1. 02-22-20.

2. 03-31-20.

3. 06-30-20.

4. 07-14-20.

5. 08-15-20.

6. 09-30-20.

Answer rating: 100% (QA)

Sno Date Accounts Debit Credit a 022220 Equity inv... View the full answer