Question
Entries for equity Investments: less than 20% ownership Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment
Entries for equity Investments: less than 20% ownership Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 1,000 shares of Tett Co.s common stock for $85 per share plus a $150 brokerage commission. May 16 Acquired 2,500 shares of Issacson Co.s common stock for $36 per share plus a $100 commission. July 14 Sold 400 shares of Tett Co. stock for $100 per share less a $75 brokerage commission. Aug. 12 Sold 750 shares of Issacson Co. stock for $32.50 per share less an $80 brokerage commission. Oct. 31 Received dividends of $0.40 per share on Tett Co. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 600 shares of Tett Co.'s stock was $85.35 per share. The fair value of the remaining 1,750 shares of Isaacson Co.'s stock was equal to its cost of $36.04 per share. Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry, leave it blank. Feb. 24 Investments-Tett Co. Stock fill in the blank 2 85,150 fill in the blank 3 Cash fill in the blank 5 fill in the blank 6 85,150 May 16 Investments-Issacson Co. Stock fill in the blank 8 fill in the blank 9 Cash fill in the blank 11 fill in the blank 12 July 14 Cash fill in the blank 14 fill in the blank 15 Gain on Sale of Investments fill in the blank 17 fill in the blank 18 Investments-Tett Co. Stock fill in the blank 20 fill in the blank 21 Aug. 12 Cash fill in the blank 23 fill in the blank 24 Loss on Sale of Investments fill in the blank 26 fill in the blank 27 Investments-Issacson Co. Stock fill in the blank 29 fill in the blank 30 Oct. 31 Cash fill in the blank 32 fill in the blank 33 Dividend Revenue fill in the blank 35 fill in the blank 36 Dec. 31 Cash fill in the blank 38 fill in the blank 39 Dividends Receivable fill in the blank 41 fill in the blank 42 Feedback When recording the purchase of the investment, consider the amount of the brokerage commission. When recording the cash received, consider the commission. To complete the entry determine and gain or loss to be recorded. Record the revenue earned. Remember to update the number of shares of remaining
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