Johnson Inc.'s non-strategic investment portfolio at December 31, 2019, consisted of the following:
Connect X G Live Large Inc. had the following x M MHE Reader Course Hero X + X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPsRc2.. * M Assignment 11 - Chapter 15 i Saved Help Save & Exit Submit Johnson Inc.'s non-strategic investment portfolio at December 31, 2019, consisted of the following: Debt and Equity Investments* Cost Fair Value 11, 100 Xavier Corp. common shares $181, 485 $160, 950 1, 800 Young Inc. common shares 93 , 600 89, 280 131, 000 Zed Corp. common shares 43, 300 38, 900 15 points *The fair value adjustments were recorded on December 31, 2019. Johnson had no other debt and equity investments at December 31, 2019, other than those shown above. During 2020, Johnson Print engaged in the following transactions: 2020 Jan. 17 Sold 1, 300 common shares of Young Inc. for $62, 400. Johnson Inc. planned to hold these shares for less than one year. Mar. 3 Purchased 6, 100 common shares of Allen Corp. for $366,000. The shares represent a 30% ownership in Allen Corp. June 7 Received dividends from Allen Corp. at the rate of $3.60 per share. Aug . 14 Sold the remaining Young Inc. shares at $32.60. Nov. 28 Purchased a 5% ownership in Davis Corp. by acquiring 11, 100 common shares at a total of $98, 790. Johnson Inc. will sell these shares in six to nine months. Dec. 30 Sold 11, 100 shares of Xavier Corporation for $177, 600. Dec. 31 Allen Corp. announced a net profit of $285, 500 for the year. Required: Journalize the above transactions. View transaction list X 1 Record the sale of equity investment. 2 Record the purchase of 30% interest for $366.000. Mc Graw Hill 1 of 2 ducation Type here to search O 1 0 0 / 4) ENG 7:49 AM 2020-08-09Connect X G Live Large Inc. had the following x M MHE Reader Course Hero X + X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPsRc2... * M Assignment 11 - Chapter 15 i Saved Help Save & Exit Submit Required: Journalize the above transactions. View transaction list 15 X points Print Record the sale of equity investment. 2 Record the purchase of 30% interest for $366,000. 3 Record the collection of dividends from strategic investment. 4 Record the sale of equity investment. Credit 5 Record the purchase of 11,100 shares. 6 Record the sale of 11,100 shares. 7 Record the share of profits in investment in associate. Note : = journal entry has been entered Record entry Clear entry View general journal Mc Graw Hill Type here to search O 1 0 0 / 4) ENG 7:50 AM 2020-08-09
