Question: SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 6) On March 1, 2018, Rawlins Company invests $25,000

SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 6) On March 1, 2018, Rawlins Company invests $25,000 in Ashton Company stock. Ashton pays Rawlins a $800 dividend on September 30, 2018. Rawlins sells the Ashton stock on November 30, 2018 for $23,500. Assume the investment is categorized as a short-term equity investment and that Rawlins does not have significant influence over Ashton. Requirements: 1. Journalize the transactions for Rawlins' investment in Ashton's stock. 2. What was the net effect of the investment on Rawlins' net income for the year ended December 31, 2018. 7) On May 18, 2018, Fran Co. invested excess cash of $50,000 by purchasing bonds of Hans Inc. At year-end, December 31, 2018, the market price of the bonds was $52,000. The investment is categorized as a trading debt investment. Journalize the adjusting entry needed at December 31, 2018. Omit explanation SHORT ANSWER. Write the word or phrase that best completes each statement

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