Question: Use the data given in Short Exercise 8-1. On May 21, 2013, Mail 4 You sold its investment in Tycon stock for $23 per share.

Use the data given in Short Exercise 8-1. On May 21, 2013, Mail 4 You sold its investment in Tycon stock for $23 per share.

1. Journalize the sale. No explanation is required.
2. How does the gain or loss that you recorded here differ from the gain or loss that was recorded at December 31,2012?

2012 Apr 10 Jul 22 Purchased 600 shares of Tycon stock, paying $17 per share. Mail 4 You intends to hold the investment for the indefinite future. Received a cash dividend of $1.24 per share on the Tycon stock. Dec 3 Adjusted the Tycon investment to its current market value of $5,500.

Step by Step Solution

★★★★★

3.44 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2013 May 21 Cash 600 23 Allo... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

247-B-A-I (3402).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Use the data given in Short Exercise 8-3. Assume that in November 2013, Western Motors sold half its investment in Phase Motors. The sale price was $130 million. Compute Western Motors gain or loss...

Use the data given in Exercise 14.29 to verify that the true regression function is estimated by , =-15 1.36-1622x, + 13.4&g + .094x3-2534 +492x 2.*5

Use the data given in Exercise 4.33 to construct two scatterplots one of number of cell phone calls versus age and the other of number of text messages sent versus age. Based on the scatterplots, do...

(Learning Objective 1: Accounting for the sale of an available-for-sale investment) Use the data given in Short Exercise 8-1. On May 21, 20X7, Ship Your Way sold its investment in Naradon for $27 per...

Use the data given in Short Exercise. On May 21, 2011, Ship Your Way sold its investment in Naradon stock for $27 per share. Apr 10 Purchased 400 shares of Naradon stock, paying $22 per share. Ship...

DE16-10 Use the data given in Daily Exercise 16-9. On August 4, 20X8, BLT Financial, Inc.. sold its investment in PepsiCo stock for $20.75 per share. 1. Journalize the sale. No explanation is...

What was the acquisition premium and what do you conclude from it regarding the fairness of the deal? What was the market reaction to the acquisition announcement and what do you conclude from it...

In the case "H. J. Heinz M&A" how can I financially analyze the company so I can come up with a recommendation at the end? What kind of financial analysis should I do? I attached below the case. I...

I've attached the quesiton as a word file, thanks! JWCL165_c11_506-567.qxd 8/12/09 7:54 AM Page 506 11 Corporations: Organization, Stock Transactions, Dividends, and Retained Earnings Chapter STUDY...

The Financial statements for Nike, Inc. are presented in Appendix C at the end of the text. The following additional information (in thousands) is available. I NEED HELP WITH LETTERS E - M 17...

Write a paper on Children Maltreatment

According to the freshman 15 legend, college freshmen gain 15 pounds (or 6.8 kilograms) during their freshman year. Listed below are the amounts of weight change (in kilograms) for a simple random...

Calculate the value of PES if the market price of beans increases from $2 per kilo to $2.20 per kilo and causes the quantity supplied to rise from 10,000 kilos to 10,500?

Name the three major stages in the change process.

The net income for Bohnert Co. for 2012 was $280,000. For 2012, depreciation on plant assets was $70,000, and the company incurred a loss on sale of plant assets of $28,000. Compute net cash provided...

The comparative balance sheets for Howell Company show these changes in noncash current asset accounts: accounts receivable decrease $80,000, prepaid expenses increase $28,000, and inventories...

The T accounts for Equipment and the related Accumulated Depreciation for Anastacia Company at the end of 2012 are shown here. In addition, Anastacia Company's income statement reported a loss on the...

You want to invest $ 1 5 , 0 0 0 for 7 years. If you want the largest future value, which of the following options would you choose?

please write out and show all work clearly Last year, the national mean on the SAT Math test was 514. In order to recruit more students, The Stanley Academy High School is claiming that their...

Scenario: A guidance counselor wanted to know if anxiety differs based on time (first day of class in relation to the last day of class), and if this differs based on year in school (as a freshman,...