29) Longspur Corporation purchases 200 shares of Logan Corp. common stock as an investment for $3,500 plus commission of $250 and transfer taxes of $75. What amount would Longspur debit to its investment account as the cost of Logan Corp. stock? a) $3,750 b) $3,575 c) $3,500 d) $3,825 45) The journal entry to record the payroll for a period will include a a) Debit to Wages Expense for gross earnings b) Debit to Wages Expense for gross earnings less taxes payable c) Debit to Wages Expense for gross earnings less all payroll deductions d) Debit to Wages Expense for gross earnings less voluntary deductions 59) The receipt of cash dividends on a long-term investment in common stock is accounted for as a debit to Cash and a credit to Investment in Space Inc. Which of the following methods is being used to account for the investment? a) Equity method b) Market method c) Cost method d) Revenue method

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