Segovia Packing Company owns numerous investments in the stock of other companies. Assume that Segovia completed the
Question:
Segovia Packing Company owns numerous investments in the stock of other companies. Assume that Segovia completed the following investment transactions:
\section*{19X2}
Feb. 12 Purchased 20,000 shares, which exceeds 20 percent, of the common stock of Agribusiness, Inc., at total cost of \(\$ 715,000\).
July 1 Purchased 8,000 additional shares of Agribusiness common stock at cost of \(\$ 300,000\).
Aug. 9 Received annual cash dividend of \(\$ 0.90\) per share on the Agribusiness investment.
Oct. 16 Purchased 800 shares of Apex Company common stock as a trading investment, paying \(\$ 411 / 2\) per share.
Nov. 30 Received semiannual cash dividend of \(\$ 0.60\) per share on the Apex investment.
Dec. 31 Received annual report from Agribusiness, Inc. Net income for the year was \(\$ 510,000\).
Of this amount, Segovia's proportion is 35 percent.
The current market value of the Apex stock is \(\$ 34,100\).
19X3 Mar. 3 Sold 4,000 shares of Agribusiness stock for net cash of \(\$ 141,000\).
\section*{Required}
Record the transactions in the general journal of Segovia Packing Company.
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