Question: Use data given . Assume the investment in Microscape represent 30% ownership in Microscape voting stock. Requirements Journalize Creatives transactions. Explanations are not required Classify

Use data given . Assume the investment in Microscape represent 30% ownership in Microscape voting stock.

Requirements

Journalize Creatives transactions. Explanations are not required

Classify and prepare partial financial statements for Creatives 30% Microscape investment as of December 31, 2014.

Jan 4

Purchased 500 shares of Microscape stock, paying $54 per share. The investment represent 2% ownership in Microscape voting stock. Creative intends to hold the investment for the indefinite future.

Aug 22

Received cash dividend of $0.30 per share on the Microscape stock.

Dec 31

Adjusted the investment to its current market value of $52 per share.

Dec 31

Microscape reported net income of $200,000 for the year ended 2014

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