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How do you complete this Balance sheet for investments in the highlighed areas? Raider Investments completed the following transactions during 2018: (Click the icon to
How do you complete this Balance sheet for investments in the highlighed areas?
Raider Investments completed the following transactions during 2018: (Click the icon to view the transactions.) Requirements 1. Journaize Raider's transactions. Explanations are not required 2. Classify and prepare partial financial statements for Raiders 40% Phyflexon investment for the year ended December 31, 2016. Requirement 1. Jornalize Raiders transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 1.400 shares of Phyfexon stock, paying $47 per share. The investment represents 40% ownership in Phyflexon's voting stock. Raider intends to hold the investment for the indefinite future Date Accounts Debit Credit Jan. 14 Long-Term Investments-Phyflexon 65,800 Cash 65,800 Aug. 22: Received a cash dividend of S0.75 per share on the Phyfiexon stock. Date Accounts Debit Credit Aug. 22 Cash 1,050 Long-Term Investments-Phyflexon 1,050 Dec. 31: Phyflexon's current market value is 43 per share Date Accounts Debit Credit Dec. 31 No entry required Dec. 31: Phyflexon reported net income of $120,000 for the year ended 2016. Date Accounts Debit Credit Dec. 31 Long-Term Investments-Phyflexon 48,000 Revenue from Investments 48,000Step by Step Solution
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