Strategic Investments completed the following investment transactions during 2018: Jan. 14 Purchased 800 shares of Phyflexon stock,

Question:

Strategic Investments completed the following investment transactions during 2018:
Jan. 14 Purchased 800 shares of Phyflexon stock, paying $50 per share. The investment represents 4% ownership in Phyflexon's voting stock.
Strategic does not have significant influence over Phyflexon. Strategic intends to hold the investment for the indefinite future.
Aug. 22 Received a cash of $0.24 per share on the Phyflexon stock.
Dec. 31 Adjusted the investment to its current market value of $45 per share.
31 Phyflexon reported net income of $330,000 for the year ended 2018.
Requirements
1. Journalize Strategic's investment transactions. Explanations are not required.
2. Classify and prepare a partial for Strategic's Phyflexon investment as of December 31, 2018.
3. Prepare a partial income statement for Strategic Investments for year ended December 31, 2018.
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...