FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following events are for King Investment Inc.: 2020 Feb. 25 Purchased 196,980 shares of Jack Inc. common shares for $170,620. Jack has 984,900 common shares outstanding. and has acknowledged the fact that its policies will be significantly influenced by King. Oct. 1 Jack declared and paid a cash dividend of $0.40 per share. Dec. 31 Jack announced that profit for the year amounted to $695,760. 2021 April 1 Jack declared and paid a cash dividend of $0.55 per share. Dec. 31 Jack announced that profit for the year amounted to $767,140. 31 King sold 75,050 shares of Jack for $99,040.
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Transcribed Image Text:The following events are for King Investment Inc.: 2020 Feb. 25 Purchased 196,980 shares of Jack Inc. common shares for $170,620. Jack has 984,900 common shares outstanding. and has acknowledged the fact that its policies will be significantly influenced by King. Oct. 1 Jack declared and paid a cash dividend of $0.40 per share. Dec. 31 Jack announced that profit for the year amounted to $695,760. 2021 April 1 Jack declared and paid a cash dividend of $0.55 per share. Dec. 31 Jack announced that profit for the year amounted to $767,140. 31 King sold 75,050 shares of Jack for $99,040.
Required: Prepare general journal entries to record each transaction. (Round per share calculations to 2 decimal places. Round your final answers to the nearest dollar.) View transaction list 1 Record the purchase of investment. 2 Record the collection of dividend. 3 Record the equity share of profits in investment. 4 Record the collection of dividend. 5 Record the equity share of profits in investment. 6 Record the sale of investment. Note : = journal entry has been entered Record entry Clear entry X Credit View general Journal >
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Transcribed Image Text:Required: Prepare general journal entries to record each transaction. (Round per share calculations to 2 decimal places. Round your final answers to the nearest dollar.) View transaction list 1 Record the purchase of investment. 2 Record the collection of dividend. 3 Record the equity share of profits in investment. 4 Record the collection of dividend. 5 Record the equity share of profits in investment. 6 Record the sale of investment. Note : = journal entry has been entered Record entry Clear entry X Credit View general Journal >
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