The following events are for Toronto Investment Inc.:

2020
Jan.	14		Purchased 18,480 shares of Quatro Inc. common shares for $168,900. Quatro has 92,400 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto.
Oct.	1		Quatro declared and paid a cash dividend of $3.80 per share.
Dec.	31		Quatro announced that profit for the year amounted to $662,000.
2021
April	1		Quatro declared and paid a cash dividend of $3.90 per share.
Dec.	31		Quatro announced that profit for the year amounted to $745,100.
	31		Toronto sold 7,200 shares of Quatro for $110,320.

Required:
Prepare general journal entries to record each transaction.

Answer rating: 100% (QA)

Journal entries Sno Accounts title and explanations Debit Credit Investmen... View the full answer