Using the data in Ml3-3, assume that Jamar Company purchased the voting shares of Anglis Corporation for

Question:

Using the data in Ml3-3, assume that Jamar Company purchased the voting shares of Anglis Corporation for the portfolio of securities held for trading instead of holding them in their portfolio of investments available for sale. Prepare the journal entries for each of the transactions listed. M13-3, assume that Jamar Company purchased the voting shares of Anglis Corporation for the portfolio of securities held for trading instead of holding them in their portfolio of investments available for sale. Prepare the journal entries for each of the transactions listed.

M13-3

During 2017, Jamar Company acquired some of the 50,000 outstanding common shares of Anglis Corporation as investments available for sale. The accounting period for both companies ends December 31. Prepare the journal entries for each of the following transactions that occurred during 2017:

Dec. 2 Purchased 6,250 shares of Anglis common shares at $15 per share.
Dec. 15 Anglis Corporation declared and paid a cash dividend of $2 per share.
Dec. 31 Determined the current market price of Anglis's shares to be $12 per share.

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... Portfolio
A portfolio is a grouping of financial assets such as stocks, bonds, commodities, currencies and cash equivalents, as well as their fund counterparts, including mutual, exchange-traded and closed funds. A portfolio can also consist of non-publicly...

Fantastic news! We've Found the answer you've been seeking!