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help me solve this please! The beginning balance sheet of Stamp Source Co. included a $750,000 investment in Est stock ( 20% ownership, Stamp has
help me solve this please!
The beginning balance sheet of Stamp Source Co. included a $750,000 investment in Est stock ( 20% ownership, Stamp has significant influence over Est). During the year, Stamp Source completed the following investment transactions: (Click the icon to view the transactions.] Read the requirements Requirement 1. Journalize the transactions for the year of Stamp Source. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaking colls blank.) Mar. 3: Purchased 2.000 shares at \$6 per share of Rast Software common stock as a longtterm equity investment, representing 2% ownership, no significant influence. May 15: Received a cash dividend of $0.63 per share on the Rast investment. Dec. 15: Recelved a cash dividend of $90,000 from Est investment Dec. 31: Received Est's annual report showing $120,000 of net income. Dec, 31: Est's stock fair value at year-end was $684,000, Dec. 31: Rast's common stock fair value at year-end was $10 per share. lirement 2. Post transactions to T-accounts to determine the December 31,2024, balances related to the investment and investment income ints. (Select the missing investment account.) Requirement 3. Prepare Stamp Source's partial balance sheet at December 31, 2024, from your answers in Requirement 2. (If a box is not used in the partial balance sheet, leave the box empty; do not select a label or enter a zero.) ast stock reported? income statement in Step by Step Solution
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