George's purchases and sales of Centennial Corporation (CC) shares were as fol 1- purchased 5,000 shares at $28.34 per share Year 2-purchased 10,000 sh $30 per share Year 3- purchased 8,000 shares at $25 per share Year 6 - solo shares at $24 per share Year 8- purchased 6,000 shares at $26.85 per share Y purchased 7,000 shares at $32 per share Year 10- sold 11,000 shares at $40 p
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- Chowking Company engaged in the following investment transactions during the current year: February 1 Purchased 5,000 ordinary shares of ZZZ Company for P200 per share plus a brokerage commission of P50,000. These shares are classified as trading securities. June 25 Received P120 per share dividend on ZZZ Company shares. October 1 Purchased 20,000 shares of XXX Company for P150 per share plus brokerage fee of P100,000. These shares are designated at FVOCI. December 31 Received P50 per share dividend on XXX Company shares. 31 ZZZ Company shares are selling for P250 and XXX shares are selling for P180. What net amount of income should be reported for the current year?On February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common stock at $50 plus commission charges of $120. On June 1, a cash dividend of $1.40 per share was received. On November 12, 4,000 shares were sold at $62 less commission charges of $100. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 4,000 shares. Refer to the Chart of Accounts for exact wording of account titles.Monsoon Company carried out the following transactions related to its common and preferred shares. Year 1 January 1: Issued 8,000 common shares for $20 each. January 1: Issued 2,000 cumulative preferred shares for $30 each. The preferred shares pay a yearly dividend of $1.00 per share. February 7: Issued 2,000 common shares for a small parcel of land. The land has an appraised value of $42,000. November 30: Declared a dividend of $4,000 to be paid December 31. December 31: Paid the dividend declared on November 30. Year 2: January 1: Issued 3,000 cumulative preferred shares for $80 each. They pay a yearly dividend of $1.50 per year. March 30: Issued 20,000 common shares for $22 each No dividends were declared during Year 2. Year 3 November 30: Declared a dividend of $15,000 to be paid December 31. December 31: Paid the dividend declared on November 30. Year 4 September 30: Declared a 10% common stock dividend to be distributed on October 31. On that…
- 1. Record, in journal entry form, the following transactions, assuming the company plans on holding the investments for trading purposes: April 16 - Purchased 300 shares of Ameco for $25 per share. • May 2 - Purchased 1,000 shares of Rattle Inc. for $12.50 per share. • June 19 - Sold 100 Ameco shares for $32.75 per share. • October 7 - Purchased 550 shares of BMC for $27.80 per share. • November 30 - Received a dividend of $0.25 per share from Rattle. • December 12 - Sold half the shares in BMC for $21.00 per share. 2. Record any required journal entries on December 31, the company's year-end.D Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of G common stock (4%) for $6,000 cash, plus brokerage fees of $400. July 1 Received cash dividends of $2 per share on Goetz common stock. Sept. 1 Sold 300 shares of G common stock for $4,600, less brokerage fees of $100. Dec. 1 Received cash dividends of $1 per share on G common stock. Instructions: Journalize the transactions.Hansen Inc. engaged in the following transactions during the current Hansen Inc. engaged in the following transactions during the current year: a. Repurchased 13,000 shares of its own $1 par common stock for $14 per share on January 14. b. Sold 2,000 treasury shares to employees for $6 per share on January 31. c. Repurchased 3,000 more shares of the $1 par common stock for $16 per share on July 24. d. Sold the remaining 11,000 shares from the January 14 purchase and 1,200 of the shares from the July 24 purchase to employees for $6.50 per share on August 1. Required: 1. Prepare journal entries for each of these transactions. 2. Determine what the effect on total stockholders’ equity is for each of the four transactions.
- At the beginning of the year, Corporation A purchased 8,000 shares of Corporation B's common stock for $40 per share. B reported net income of $120,000 for the year and paid dividends of $45,000. As of December 31, the market value of B's common stock was $42 per share. Assuming the shares owned by Company A represent 10% of the total outstanding stock of Company B, how much income should A report from its investment in B for the year if the shares are considered trading securities? $4,500 $12,000 $20,500Nasser Inc. had the following transactions pertaining to stock investments. Jan. 1 Purchased 3,500 shares of Eshaq Corporation common stock (5%) for $212,625 cash, plus brokerage fees of $875. July 1 Received cash dividends of $4 per share on Eshaq common stock. Nov. 1 Sold 500 shares of Eshaq common stock for $32,100, less brokerage fees of $100. Dec. 1 Received cash dividends of $4 per share on Eshaq common stock. Instructions Journalize the transactions.XYZ Company purchased 10,000 of its own shares at $14 per share. Journalize this transaction. DATE Debit Credit X/X XYZ Company sold 8,500 shares of treasury stock (from (c)) at $18 per share. Journalize this transaction. DATE Debit Credit X/X XYZ Company sold 1,500 shares of treasury stock (from (c)) at $13 per share. Journalize this transaction. DATE Debit Credit X/X
- a. Purchased 16,000 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 16,000 common shares of Heller for $252,480 cash. Note: For each account catégory, 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. Balance Sheet Transaction Cash Asset Noncash Assets Liabilities Contrib. Capital Earned Capital Income Statement Revenues Expenses Net Income (256,000)✔ 256,000 0 ✓ Cash = Investment = ✓ N/A ✔ N/A = N/A M/A N/A (b) 20,000 ▼ 20,000✓ 20,000 ✔ 0✓ = 20,000 ✓ Cash ✓ N/A ÷ N/A ÷ ✓ N/A = Retained earnings Dividend income = ✓ N/A = (c) 0✓ 24,000 ✔ 0✓ 0✓ 24,000 ▼ 24,000 く 24,000 Cash = Investment ✓ N/A = N/A Retained earnings nrealized gain ÷ (d) 252,480✔ (2.240,000) x- 28,480 x Cash ÷ ✓…On February 22, Stewart Corporation acquired 6,000 shares of the 210,000 outstanding shares of Edwards Co, common stock at $29.80 plus commission charges of $1,200. On June 1, a cash dividend of $1.10 per share was received. On November 12, 2,000 shares were sold at $36 less commission charges of $240.The securities owned by Miraflores Company were held as a long-term investment. During the current year, the following transactions occurred: Jan. 1 Purchased 15,000 shares of ABC Company at P70 per share.May 1 Purchased 8,000 shares of DEF Corporation for P660,000.Apr 1 Received a cash dividend of P6 per share from ABC Company.July 1 Received a share for a share dividend from DEF Corporation.Aug 1 Purchased 10,000 shares of GHI Enterprises at P75 each.Oct 1 Received a cash dividend of P6 per share from ABC Company.Oct 31 DEF Corporation offered shareholders rights to subscribe to one new share for every tenrights tendered at P25. At the time of issuance, the market value of the right is P4. Sharerights are not accounted for separately.Nov 15 Exercised the DEF Corporation’s share rights.Dec. 1 Sold 10,000 shares of DEF Corporation at P35 per share. Use the FIFO approach in determining the cost of the shares sold.Dec. 31 The fair values of the portfolio is as follows:ABC Company – P73…