Starfleet Corporation purchases 52,000 shares of common stock of Tinder Corp. as an investment. Record the...

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Starfleet Corporation purchases 52,000 shares of common stock of Tinder Corp. as an investment. Record the investment on January 1, 2023, for $624,000. During 2023, Tinder Corp reported a total Net Income of $3,000,000 and paid total dividends of $900,000 to all shareholders. On December 31, 2023, the fair value of Tinder Corp stock was $14 per share. Assuming that the 52,000 shares represent a 13% interest in Tinder Corp., prepare any entries that Starfleet Corporation should make to account for its investment in Tinder stock during 2023. To complete the journal entries always include the debit account first and the credit accounts second. If you have a compound entry with multiple debit and or credit accounts include DR and CR to designate if you are debiting or crediting the account. See the example below remembering each line here is one line you are typing into. DR Equipment $100,000 CR Accounts Payable $50,000 CR Cash $50,000 Record the January 1, 2022 entry Blank # 1 Blank # 2 A/ A Starfleet Corporation purchases 52,000 shares of common stock of Tinder Corp. as an investment. Record the investment on January 1, 2023, for $624,000. During 2023, Tinder Corp reported a total Net Income of $3,000,000 and paid total dividends of $900,000 to all shareholders. On December 31, 2023, the fair value of Tinder Corp stock was $14 per share. Assuming that the 52,000 shares represent a 13% interest in Tinder Corp., prepare any entries that Starfleet Corporation should make to account for its investment in Tinder stock during 2023. To complete the journal entries always include the debit account first and the credit accounts second. If you have a compound entry with multiple debit and or credit accounts include DR and CR to designate if you are debiting or crediting the account. See the example below remembering each line here is one line you are typing into. DR Equipment $100,000 CR Accounts Payable $50,000 CR Cash $50,000 Record the January 1, 2022 entry Blank # 1 Blank # 2 A/ A

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Journal Entry January 1 2023 Initial Investme... View the full answer