Record each of the following transactions and events of Hertz. Note: Round to nearest whole dollar....

 

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Record each of the following transactions and events of Hertz. Note: Round to nearest whole dollar. Year 1 January 1 Acquired 97,000 shares of Thrifty common stock for $541,000 cash. Thrifty has 291,000 shares of common stock outstanding, and its activities will be significantly influenced by Hertz. August 31 Thrifty declared and paid a cash dividend of $1.60 per share. December 31 Thrifty reported net income for the year of $506,400. Year 2 August 31 Thrifty declared and paid a cash dividend of $3.60 per share.. December 31 Thrifty reported net income for the year of $732,900. December 31 Hertz sold 13,000 shares of Thrifty for $95,000 cash. Record each of the following transactions and events of Hertz. Note: Round to nearest whole dollar. Year 1 January 1 Acquired 97,000 shares of Thrifty common stock for $541,000 cash. Thrifty has 291,000 shares of common stock outstanding, and its activities will be significantly influenced by Hertz. August 31 Thrifty declared and paid a cash dividend of $1.60 per share. December 31 Thrifty reported net income for the year of $506,400. Year 2 August 31 Thrifty declared and paid a cash dividend of $3.60 per share.. December 31 Thrifty reported net income for the year of $732,900. December 31 Hertz sold 13,000 shares of Thrifty for $95,000 cash.

Answer rating: 100% (QA)

Year 1 January 1 Dr Investment in Thrifty Common Stock 541000 Cr Cash 541000 August 31 Dr Dividend ... View the full answer