Refer to RE15-10. Assume that Bulldog, Incorporated, sold 750 shares of Gamecock Company on June 17, Year

Question:

Refer to RE15-10. Assume that Bulldog, Incorporated, sold 750 shares of Gamecock Company on June 17, Year 2 for $28 per share. The fair value of these shares on the December 31, Year 1 was $24 per share. Prepare the journal entries to record the sale on June 17, Year 2.
In RE15-10, Bulldog, Incorporated, purchased 3,000 shares of Gamecock Company for $99,000 on March 31, Year 1. On June 30 Gamecock Company issued a 50% stock and Bulldog, Incorporated, received another 1,500 shares. Record the receipt of the stock by Bulldog.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...