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The following data is related to Y Corporation. On March 1, 2020: Y acquired 4% of the voting common shares of X at 20000. The holding period is two weeks. The journal entry of March 1 in the books of Y O a. Dr. Stock investment 800 and Cr. Cash 800 O b. Dr. Cash 20000 and Cr. Stock investment 20000 O c. Dr. Stock investment 20000 and Cr. Cash 20000 O d. Dr. Long term investment 800 and Cr. Cash 800

The following data is related to Y Corporation. On March 1, 2020: Y acquired 4% of the voting common shares of X at 20000. The holding period is two weeks. The journal entry of March 1 in the books of Y O a. Dr. Stock investment 800 and Cr. Cash 800 O b. Dr. Cash 20000 and Cr. Stock investment 20000 O c. Dr. Stock investment 20000 and Cr. Cash 20000 O d. Dr. Long term investment 800 and Cr. Cash 800

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following data is related to Y Corporation. On March 1, 2020: Y acquired 4% of the voting common shares of X at 20000. The holding period is two weeks. The journal entry of March 1 in the books of Y O a. Dr. Stock investment 800 and Cr. Cash 800 O b. Dr. Cash 20000 and Cr. Stock investment 20000 O c. Dr. Stock investment 20000 and Cr. Cash 20000 O d. Dr. Long term investment 800 and Cr. Cash 800
Transcribed Image Text:The following data is related to Y Corporation. On March 1, 2020: Y acquired 4% of the voting common shares of X at 20000. The holding period is two weeks. The journal entry of March 1 in the books of Y O a. Dr. Stock investment 800 and Cr. Cash 800 O b. Dr. Cash 20000 and Cr. Stock investment 20000 O c. Dr. Stock investment 20000 and Cr. Cash 20000 O d. Dr. Long term investment 800 and Cr. Cash 800
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