On August 1, Blossom Company buys 1.000 shares of Estrada common stock for $30,500 cash. On...

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On August 1, Blossom Company buys 1.000 shares of Estrada common stock for $30,500 cash. On December 1. Blossom sells the stock investments for $33,500 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the omounts.) Date Account Titles and Explanation Debit Credit View Policies Current Attempt in Progress Sheridan Company owns 25% of Lauer Company. For the current year, Lauer reports net income of $180,0o00 and declares and pays a $36,000 cash dividend. Record Sheridan's equity in Lauer's net income and the receipt of dividends from Lauer. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record equity in Lauer's net income) Dec. 31 On August 1, Blossom Company buys 1.000 shares of Estrada common stock for $30,500 cash. On December 1. Blossom sells the stock investments for $33,500 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the omounts.) Date Account Titles and Explanation Debit Credit View Policies Current Attempt in Progress Sheridan Company owns 25% of Lauer Company. For the current year, Lauer reports net income of $180,0o00 and declares and pays a $36,000 cash dividend. Record Sheridan's equity in Lauer's net income and the receipt of dividends from Lauer. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record equity in Lauer's net income) Dec. 31

Answer rating: 100% (QA)

1 Journal Entry Date Account Title and Explanation Debit Credit Aug01 Stock investment 30500 ... View the full answer