Entries for equity investments: less than 20% ownership Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Purchased for cash 1,200 shares of Celeste Inc.'s common stock for $45 per share plus a $600 brokerage commission. Celeste Inc. has 86,000 shares of common stock outstanding. Feb. 2 Mar. 6 Received dividends of $0.20 per share on Celeste Inc. stock. Purchased 700 shares of Celeste Inc. stock for $55 per share plus a $350 brokerage commission. Sold 1,400 shares of Celeste Inc. stock for $60 per share less a $700 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.30 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 500 shares of Celeste Inc. stock was $30,250. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. June 7 July 26

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Entries for equity investments: less than 20% ownership On February 22, Triangle Corporation acquired 2,900 shares of the 100,000 outstanding common stock of Jupiter Co. at $23.80 plus commission charges of $580. On June 1, a cash dividend of $0.60 per share was received. On November 12, 1,000 shares were sold at $29 less commission charges of $120. At the end of the accounting period on December 31, the fair value of the remaining 1,900 shares of Jupiter Company’s stock was $24.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. Question Content Area a.  Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank. Feb. 22   Investments-Jupiter Co. Stock Investments-Jupiter Co. Stock     Cash Cash   Feedback Area   Feedback   Question Content Area b.  Using the cost method, journalize the…

Equity method journal entries (price equals book value) Prepare journal entries for the transactions below relating to an Equity Investment accounted for using the equity method. a. An investor purchases 14,400 common shares of an investee at $16 per share; the shares represent 25% ownership in the investee and the investor concludes that it can exert significant influence over the investee. b. The investee reports net income of $172,800. c. The investor receives a cash dividend of $1.50 per common share from the investee. d. The investor sells all 14,400 common shares of the investee for $260,280. General Journal Ref. Description Debit Credit a. b. C. d. Equity investment

Equity Method for Stock Investment On January 4, Year 1, Ferguson Company purchased 64,000 shares of Silva Company directly from one of the founders for a price of $54 per share. Silva has 200,000 shares outstanding, including the Daniels shares. On July 2, Year 1, Silva paid $157,000 in total dividends to its shareholders. On December 31, Year 1, Silva reported a net income of $575,000 for the year. Ferguson uses the equity method in accounting for its investment in Silva. a. Provide the Ferguson Company journal entries for the transactions involving its investment in Silva Company during Year 1. Year 1, Jan. 4 Year 1, July 2 Year 1, Dec. 31 b. Determine the December 31, Year 1, balance of Investment in Silva Company Stock.

Instructions Chart of Accounts Journal Instructions Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. Feb. Mar. June July 2 Purchased for cash 5,200 shares of Wong Inc. stock for $19 per share plus a $120 brokerage commission. Received dividends of $0.25 per share on Wong Inc. stock. Purchased 2,000 shares of Wong Inc. stock for $25 per share plus a $115 brokerage commission. Sold 6,200 shares of Wong Inc. stock for $38 per share less a $105 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Received dividends of $0.50 per share on Wong Inc. stock. 6 7 26 Sept. 25 Check My Work 3 more Check My Work uses remaining I All work saved. DELL

Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the accounts and amounts for the following four transactions involving investments in marketable equity securities. a. Purchased 14,000 common shares of Heller Co. at $16 cash per share. b. Received a cash dividend of $1.25 per common share from Heller. c. Year-end market price of Heller common stock is $17.50 per share. d. Sold all 14,000 common shares of Heller for $220,920 cash. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. tion N/A N/A N/A N/A Cash Asset (224,000) 17,500 + 220,920 * N/A ◆ * N/A 0 N/A * N/A Noncash Assets 224,000 = = 21,000 * N/A 0✓ = ♦ = N/A * N/A (171,500) * = * N/A Balance Sheet Liabilities 0 0✔ 0 0 4 + > N/A N/A N/A N/A Contrib. Capital 0 0✔ 0…

Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 2,000 shares of Tett Co. stock for $80 per share plus a $200 brokerage commission. May 16 Acquired 2,000 shares of Issacson Co. stock for $40 per share plus a $100 commission. July 14 Sold 500 shares of Tett Co. stock for $100 per share less a $50 brokerage commission. Aug. 12 Sold 1,000 shares of Issacson Co. stock for $34 per share less an $80 brokerage commission. Oct. 31 Received dividends of $0.30 per share on Tett Co. stock. Journalize the entries for these transactions under the fair value method. If an amount box does not require an entry, leave it blank. Feb. 24 Investments-Tett Co. Stock  fill in the blank 2 fill in the blank 3   Cash  fill in the blank 5 fill in the blank 6 May 16 Investments-Issacson Co. Stock  fill…

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