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Bellows Corp. had S100,000 in its Cash account on January 1, Year 1. On June 15, Year 1, Bellows Corp. acquired 100 shares of Sonny,
Bellows Corp. had S100,000 in its Cash account on January 1, Year 1. On June 15, Year 1, Bellows Corp. acquired 100 shares of Sonny, Inc. for S75 per share. Assume that Bellows considers the stock as an available-for-sale security. Prepare the journal entry required to record this transaction and, after entering the beginning Cash account balance, post it to the appropriate T-accounts: 1. June 15 On September 15, Year 1, Bellows Corp. received dividends from Sonny of $2 per share. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: 2. Sept. 15 At December 31, Year 1, the value of the stock was $120 per share. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: 3. Computation of amount Dec. 31 On February 17, Year 2, Bellows sold the stock for $115 per share. Prepare the journal entry required to record this transaction and update the appropriate T-accounts: 4. Feb. 17
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