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3 i On January 1st 2021, the Bilbo Company made 2 purchases: a) purchased 100 of the 10,000 shares of Saran Company at $20 per
3 i On January 1st 2021, the Bilbo Company made 2 purchases: a) purchased 100 of the 10,000 shares of Saran Company at $20 per share b) purchased 100 of the 400 shares of Froto Company at $25 per share (Bilbo now sits on the board of Froto) On July 1st 2021, Saran Company declared and paid a $1 per share dividend Froto Company declared and paid a $0.25 per share dividend . December 31st Saran reported income of $20,000; Saran's stock was selling for $21 per share Froto Company reported Income of $500 and Froto's stock was selling for $23 per share 10 11 In 2022 22 13 July 1st 2022 14 15 August 1st 16 Saran had a 2 for 1 stock split Saran declared and paid a $0.50 dividend per share Froto announced they are not declaring any dividends this year Saran Company reported a loss of $5000; Saran's stock was selling for $10 per share Froto Company reported a loss of $200 and Froto's stock was selling for $21 per share 17 11 December 31st 15 20 2023 22 21 February 1st Bilbo sold all of its stock in Saran Company at $10.75 per share 26 Bilbo sold all of its stock in Froto Company for $22.25 per share 25 26 REQUIRED: 27 A) MAKE ALL OF BILBO'S JOURNAL ENTRIES WITH RESPECT TO ITS INVESTMENT IN SARAN B) MAKE ALL OF BILBO'S JOURNAL ENTRIES WITH RESPECT TO ITS INVESTMENT IN FROTO 29 C) FILL IN THE FOLLOWING TABLE: 30 31 2021 12 INCOME IMPACT OF INVESTMENT IN SARAN 3VALUE OF SARAN INVESTMENT ON BILBO BALANCE SHEET 20 2022 2023 14 INCOME IMPACT OF INVESTMENT IN FROTO 16 VALUE OF FROTO INVESTMENT ON BILBO BALANCE SHEET 30 19
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