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Entries for equity investments: less than 20% ownership Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed
Entries for equity investments: less than 20% ownership
Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. ( please show all the work thank you :)
Feb. 2 | Purchased for cash 600 shares of Celeste Inc.s common stock for $54 per share plus a $300 brokerage commission. Celeste Inc. has 90,000 shares of common stock outstanding. |
Mar. 6 | Received dividends of $0.20 per share on Celeste Inc. stock. |
June 7 | Purchased 350 shares of Celeste Inc. stock for $65 per share plus a $175 brokerage commission. |
July 26 | Sold 700 shares of Celeste Inc. stock for $69 per share less a $350 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. |
Sept. 25 | Received dividends of $0.30 per share on Celeste Inc. stock. |
Dec. 31 | At the end of the accounting period, the fair value of the remaining 250 shares of Celeste Inc. stock was $19,875. |
If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar.
Feb. 2 Mar. 6 June 7 July 26 Sept. 25 Dec. 31
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