Refer to the information in RE13-3. Assume that on December 31, 2013, Wolf pack received interest on

Question:

Refer to the information in RE13-3. Assume that on December 31, 2013, Wolf pack received interest on the Todd Corporation bonds as well as a $3 dividend per share interest on the Cornett Company stock. Prepare the December 31 journal entries to record the receipt of the interest and the receipt of the dividends.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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...