On June 30, 2016, MetroMedia Unlimited purchased 10,000 shares of Mitekii for $20 per share. The following
Question:
On June 30, 2016, MetroMedia Unlimited purchased 10,000 shares of Mitekii for $20 per share. The following information pertains to the price per share of Mitekii shares:
Price
12/31/2016........................$24
12/31/2017..........................31
Required:
1. Assume that the shares are traded on an open market. Prepare the journal entries required on each date given.
2. Show how the investment and gains would be reported at the end of 2017 and 2016 on the classified balance sheet and income statement.
Balance SheetBalance 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...
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Req 1 June 30 2016 dr Investment in Mitekii A 200000 cr Cash A 200000 De...View the full answer
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-1259269868
5th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
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