Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Help with the following Problem 16-03A a-c (Part Level Submission) (Video) On December 31, 2020, Carla Vista Associates owned the following securities, held as a
Help with the following
Problem 16-03A a-c (Part Level Submission) (Video) On December 31, 2020, Carla Vista Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock Gehring Co. Wooderson Co. Kitselton Co. Shares 2,200 5,100 1,700 Cost $70,400 35,700 37,400 On December 31, 2020, the total fair value of the securities was equal to its cost. In 2021, the following transactions occurred: Aug. 1 Sept. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sold 1,530 shares of Wooderson Co. common stock for cash at $6 per share. Sold 880 shares of Gehring Co. common stock for cash at $35 per share. Received $2 per share cash dividend on Kitselton Co. common stock. Received $0.50 per share cash dividend on Gehring Co. common stock. Received $2 per share annual cash dividend on Wooderson Co. common stock. Nov. 1 Dec. 15 Dec. 31 At December 31, the fair values per share of the common stocks were: Gehring Co. $34, Wooderson Co. $6, and Kitselton Co. $20. Your answer is partially correct. Try again. Journalize the 2021 transactions and post to the account Stock Investments. (Use the T-account form.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 7 Aug. 1 ) Cash Dividend Revenue T Sept. 1 Cash Cash Loss on Sale of Stock Investments Stock Investments 10710 Oct. 1 Cash Stock Investments 28,160 2,640 Gain on Sale of Stock Investments Nov. 1 ojcash Dividend Revenue 3,400 > Dec. 15 cash Dividend Revenue 31 Dec. 31 cash Dividend Revenue Stock Investments T Sept. 1 10,710 PX 28,160 TDec. 31 BalStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started