8. On May 15, 2018, Breyer Co. invests $18,000 in Jackson, Inc. stock. Jackson pays Breyer a $600 dividend on November 15, 2018. Breyer sells the Jackson stock on December 10, 2018, for $17,550. Assume the Breyer Co. does not have significant influence over Jackson, Inc. Journalize the 2018 transactions related to Breyer's investment in Jackson stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Breyer's initial investment in Jackson, Inc., stock on May 15, 2018. Date Accounts and Explanation Debit Credit 2018 May 15 Next, journalize Breyer's receipt of the November 15, 2018 dividend. Date Accounts and Explanation Debit Credit 2018 Nov. 15 Now journalize Breyer's sale of the Jackson, Inc., stock on December 10, 2018. Date Accounts and Explanation Debit Credit 2018 Dec. 10 8. On May 15, 2018, Breyer Co. invests $18,000 in Jackson, Inc. stock. Jackson pays Breyer a $600 dividend on November 15, 2018. Breyer sells the Jackson stock on December 10, 2018, for $17,550. Assume the Breyer Co. does not have significant influence over Jackson, Inc. Journalize the 2018 transactions related to Breyer's investment in Jackson stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Breyer's initial investment in Jackson, Inc., stock on May 15, 2018. Date Accounts and Explanation Debit Credit 2018 May 15 Debit Credit Available-for-Sale Debt Investments Cash Dividend Revenue Next, journalize Interest Revenue Equity Investments Date Fair Value Adjustment-Available-for-Sale 2018 Fair Value Adjustment, Trading Nov. 15 Gain on Disposal Held-to-Maturity Debt Investments Loss on Disposal Trading Debt Investments Unrealized Holding LossAvailable-for-Sale Unrealized Holding Loss-Trading Now journalize Breyer's sale of the Jackson, Inc., stock on December 10, 2018. Date Accounts and Explanation Debit Credit 2018 Dec. 10 8. On May 15, 2018, Breyer Co. invests $18,000 in Jackson, Inc. stock. Jackson pays Breyer a $600 dividend on November 15, 2018. Breyer sells the Jackson stock on December 10, 2018, for $17,550. Assume the Breyer Co. does not have significant influence over Jackson, Inc. Journalize the 2018 transactions related to Breyer's investment in Jackson stock. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by journalizing Breyer's initial investment in Jackson, Inc., stock on May 15, 2018 Date Accounts and Explanation Debit Credit 2018 May 15 Next, journalize Breyer's receipt of the November 15, 2018 dividend. Date Accounts and Explanation Debit Credit 2018 Nov. 15 Now journalize Breyer's sale of the Jackson, Inc., stock on December 10, 2018 Date Accounts and Explanation Debit Credit 2018 Dec. 10 Adjusted available-for-sale debt securities to market value Adjusted trading debt securities to market value. Disposed of bond at maturity. Disposed of investment in stock. Purchased investment in bonds Purchased investment in stock. Received cash dividend
