1. On January 3, 2022, Castle Corporation purchased the following equity securities as an investme Number of Shares Cost of Share 400 2,000 800 Company A B с These securities are classified as available for sale. Required: $20 12 22 Company A B с Prepare the journal entry to record the acquisition of the stock. b. On June 30, 2022, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Castle to record the dividend receipt. On December 31, 2022, the market values per share were: Market Value $22 12 20 Total Cost $ 8,000 24,000 17,600 Prepare any journal entry or entries necessary to record these changes in market value. d. On March 14, 2023, Castle sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.
1. On January 3, 2022, Castle Corporation purchased the following equity securities as an investme Number of Shares Cost of Share 400 2,000 800 Company A B с These securities are classified as available for sale. Required: $20 12 22 Company A B с Prepare the journal entry to record the acquisition of the stock. b. On June 30, 2022, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Castle to record the dividend receipt. On December 31, 2022, the market values per share were: Market Value $22 12 20 Total Cost $ 8,000 24,000 17,600 Prepare any journal entry or entries necessary to record these changes in market value. d. On March 14, 2023, Castle sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need help with this assigment, in particular with the last of part C and part D
Transcribed Image Text:PROBLEM:
1.
On January 3, 2022, Castle Corporation purchased the following equity securities as an investment:
Number of
Shares
Cost of
Share
$20
400
2,000
12
800
22
These securities are classified as available for sale.
Company
A
B
с
a.
b.
Required:
Prepare the journal entry to record the acquisition of the stock.
On June 30, 2022, C Company paid dividends of $3.00 per share. Prepare the journal
entry that would be used by Castle to record the dividend receipt.
On December 31, 2022, the market values per share were:
C.
Company
A
B
с
Total
Cost
$ 8,000
24,000
17,600
Market Value
$22
12
20
Prepare any journal entry or entries necessary to record these changes in market value.
d. On March 14, 2023, Castle sold 800 shares of C Company for $18 per share. Prepare
the journal entry to record the sale.
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