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Name Chapter 15 1. Journalize the entries to record the following selected transactions of Oliver Co.: May 1 Purchased $100,000 of Kruse Co. 6% bonds at their face amount plus accrued interest of $2,000 July 1 Received first semiannual interest payment. September I Sold the bonds at 97 plus accrued interest of $1,000 2. Journalire the entries to record the following selected equity investment transactions completed by Flurry Company during the current year. Flurry's purchase represents less than 20% of the total outstanding Braxter stock. February 2 Purchased for cash 500 shares of Braxter Co. stock for S34 per share plus a $250 brokerage commission. April 16 Received dividends of $0.35 per share on Braxter Co. stock. June 17 Sold 100 shares of Braxter Co. stock for $40 per share less a $100 brokerage commission. 3. Prepare the journal entries for the following transactions for Morgan Co. July 1 Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission. December 31 Gordon Corp.'s total earnings for the period are $80,000. December 31 Gordon Corp. paid a total of $45,000 in cash dividends. 4. Present entries to record the following selected transactions of Masterson Co. August Purchased 600 shares of the 100,000 shares outstanding SIO par common shares of Dankin Corporation for S5,100. August Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45.700. The investment was accounted for by the equity method. September | Received a cash dividend of Si per share on the Dankin Corporation stock acquired in (a) September 1 Received a cash dividend of $2 per share on the Ramon Co. stock acquired in (b). December 31 Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2.100. December 31 Punk Corporatie met he Ramon Company's reported net income was $50,000. Name Chapter 15 1. Journalize the entries to record the following selected transactions of Oliver Co.: May 1 Purchased $100,000 of Kruse Co. 6% bonds at their face amount plus accrued interest of $2,000 July 1 Received first semiannual interest payment. September I Sold the bonds at 97 plus accrued interest of $1,000 2. Journalire the entries to record the following selected equity investment transactions completed by Flurry Company during the current year. Flurry's purchase represents less than 20% of the total outstanding Braxter stock. February 2 Purchased for cash 500 shares of Braxter Co. stock for S34 per share plus a $250 brokerage commission. April 16 Received dividends of $0.35 per share on Braxter Co. stock. June 17 Sold 100 shares of Braxter Co. stock for $40 per share less a $100 brokerage commission. 3. Prepare the journal entries for the following transactions for Morgan Co. July 1 Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission. December 31 Gordon Corp.'s total earnings for the period are $80,000. December 31 Gordon Corp. paid a total of $45,000 in cash dividends. 4. Present entries to record the following selected transactions of Masterson Co. August Purchased 600 shares of the 100,000 shares outstanding SIO par common shares of Dankin Corporation for S5,100. August Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45.700. The investment was accounted for by the equity method. September | Received a cash dividend of Si per share on the Dankin Corporation stock acquired in (a) September 1 Received a cash dividend of $2 per share on the Ramon Co. stock acquired in (b). December 31 Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2.100. December 31 Punk Corporatie met he Ramon Company's reported net income was $50,000