Entries for equity investments less than 20 ownership On February 22, Triangle Corporation acquired 7,700 shares of the 270,000 outstanding common stock of Jupiter Co at $37 90 plus commission charges of $770 On June 1, a cash dividend of $0 65 per share was received On November 12, 2,500 shares were sold at $46 less commission charges of $300 At the end of the accounting period on December 31, the fair value of the remaining 5,200 shares of Jupiter Companys stock was $38 50 per share In your computations, round per share amounts to two decimal places When required, round final answers to the nearest dollar Question Content Area a Using the cost method, journalize the entry for the purchase of stock If an amount box does not require an entry, leave it blank Feb 22 CashDividend RevenueInterest ReceivableInvestments Jupiter Co StockNotes Receivable Select Select CashDividends ReceivableInterest ReceivableInvestments Jupiter Co StockNotes Receivable Select Select Question Content Area b Using the cost method, journalize the entry for the receipt of dividends If an amount box does not require an entry, leave it blank June 1 CashCash DividendsDividend RevenueDividends ReceivableNotes Receivable Select Select CashCash DividendsDividend RevenueDividends ReceivableNotes Receivable Select Select Question Content Area c Using the cost method, journalize the entry for the sale of 2,500 shares If an amount box does not require an entry, leave it blank Nov 12 CashGain on Sale of InvestmentsInterest ReceivableInvestments Jupiter Co StockLoss on Sale of Investments Select Select CashCash DividendsDividend RevenueDividends ReceivableGain on Sale of Investments Select Select CashCash DividendsDividends ReceivableInterest ReceivableInvestments Jupiter Co Stock Select Select Question Content Area d Using the cost method, journalize the entry for the change in fair value If an amount box does not require an entry, leave it blank Dec 31 CashDividend RevenueInterest ReceivableUnrealized Gain on Equity InvestmentsValuation Allowance for Equity Investments Select Select CashDividend RevenueInterest ReceivableUnrealized Gain on Equity InvestmentsValuation Allowance for Equity Investments Select Select

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Entries for equity investments: less than 20% ownership On February 22, Triangle Corporation acquired 7,700 shares of the 270,000 outstanding common stock of Jupiter Co.

Entries for equity investments: less than 20% ownership

On February 22, Triangle Corporation acquired 7,700 shares of the 270,000 outstanding common stock of Jupiter Co. at $37.90 plus commission charges of $770. On June 1, a cash dividend of $0.65 per share was received. On November 12, 2,500 shares were sold at $46 less commission charges of $300. At the end of the accounting period on December 31, the fair value of the remaining 5,200 shares of Jupiter Companys stock was $38.50 per share.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

Question Content Area

a. Using the cost method, journalize the entry for the purchase of stock. If an amount box does not require an entry, leave it blank.

Feb. 22	CashDividend RevenueInterest ReceivableInvestments-Jupiter Co. StockNotes Receivable	- Select -	- Select -
	CashDividends ReceivableInterest ReceivableInvestments-Jupiter Co. StockNotes Receivable	- Select -	- Select -

Question Content Area

b. Using the cost method, journalize the entry for the receipt of dividends. If an amount box does not require an entry, leave it blank.

June 1	CashCash DividendsDividend RevenueDividends ReceivableNotes Receivable	- Select -	- Select -
	CashCash DividendsDividend RevenueDividends ReceivableNotes Receivable	- Select -	- Select -

Question Content Area

c. Using the cost method, journalize the entry for the sale of 2,500 shares. If an amount box does not require an entry, leave it blank.

Nov. 12	CashGain on Sale of InvestmentsInterest ReceivableInvestments-Jupiter Co. StockLoss on Sale of Investments	- Select -	- Select -
	CashCash DividendsDividend RevenueDividends ReceivableGain on Sale of Investments	- Select -	- Select -
	CashCash DividendsDividends ReceivableInterest ReceivableInvestments-Jupiter Co. Stock	- Select -	- Select -

Question Content Area

d. Using the cost method, journalize the entry for the change in fair value. If an amount box does not require an entry, leave it blank.

Dec. 31	CashDividend RevenueInterest ReceivableUnrealized Gain on Equity InvestmentsValuation Allowance for Equity Investments	- Select -	- Select -
	CashDividend RevenueInterest ReceivableUnrealized Gain on Equity InvestmentsValuation Allowance for Equity Investments	- Select -	- Select -