FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lenexa Inc. owns 40% (50 shares) of Fairfax Corporation. On 1/1/2015 Fairfax Corporations board of directors a dividend payment to its stockholders at $2 per

Lenexa Inc. owns 40% (50 shares) of Fairfax Corporation. On 1/1/2015 Fairfax Corporations board of directors a dividend payment to its stockholders at $2 per share. Please record the journal entry for Lenexa Inc. regarding the payment of those dividends out of Fairfax Corporation.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Control A Managers Journey

Internal Control A Managers Journey

Authors: K. H. Spencer Pickett

1st Edition

0471402508, 978-0471402503

More Books

Students also viewed these Accounting questions

Question

★★★★★
Explain how to estimate the parameters of the following model: yt = + xt + yt1 + yt2 + et, et = et1 + ut. Is there any problem with ordinary least squares? Let yt be consumption and let xt be...

Answered: 1 week ago

Question

★★★★★
1. When the speed of your car is doubled, by what factor does its kinetic energy increase? (a) 2. (b) 2. (c) 4. (d) 8. 2. A car traveling at a velocity v can stop in a minimum distance d. What would...

Answered: 1 week ago

Question

★★★★★
Angelman syndrome is caused by missing maternal genetic material on chromosome 15. It is associated with moderate to severe ID, sporadic/jerky movements, lack of spoken language, hyperactivity, and...

Answered: 1 week ago

Question

★★★★★
Joseph and Erica, husband and wife, jointly own all of the stock in Velvet Corporation. The two are currently involved in divorce proceedings, and pursuant to those negotiations, they have agreed...

Answered: 1 week ago

Question

★★★★★
You are given a list of QXZ audit clients. You are told if the firm is large or small and if they passed or failed an audit. The information defines when the next audit will be. The rules are: 1. If...

Answered: 1 week ago

Question

★★★★★
Quantitative Problem: Rosnan Industries' 2019 and 2018 balance sheets and income statements are shown below. Balance Sheets 2019 2018 $100 275 375 $85 300 250 $635 1,490 $2,125 $750 2,300 $3,050...

Answered: 1 week ago

Question

★★★★★
You will be creating a driver class only for this assignment, however, the sorting method and searching method should be entirely outside the main method. Be sure to include a message to the user...

Answered: 1 week ago

Question

★★★★★
1. A hollow steel shaft 2.54m long must transmit a torque of 34 kN-m. The total angle of twist must not exceed 3 degrees. The maximum shearing stress must not exceed 110 MPa. What is the inside...

Answered: 1 week ago

Question

★★★★★
A uniform crate with a weight W = 2.9 kN is connected to two opposing weights Wy = 2 kN and W by thin cables that pass over frictionless pulleys, as shown in the figure below. The crate has a length...

Answered: 1 week ago

Question

★★★★★
There are two goods: good A and good B. Assume that the supply of good A is perfectly inelastic, and the supply of good B is perfectly elastic. Draw two graphs to compare the effects of sales tax...

Answered: 1 week ago

Question

★★★★★
3. A company rates its performance in a given year as strong, average, or weak. The company has determined that if it has strong performance in a given year, then in the following year it is equally...

Answered: 1 week ago

Question

★★★★★
Disney World - Video 1 - https://www.viddler.com/embed/d808ad8/?f=1&player=arpeggio&secret=51155797&make_responsive=0 Disney World - Video 2 -...

Answered: 1 week ago

Question

★★★★★
2-4 What is the role of the information systems function in a business? Describe how the information systems function supports a business. Describe the services provided by information systems...

Answered: 1 week ago

Question

★★★★★
1 What are business processes? How are they related to information systems? Define business processes and describe the role they play in organizations. Explain how information technology and...

Answered: 1 week ago

Question

★★★★★
2-3 Why are systems for collaboration and social business so important and what technologies do they use? Define collaboration and social business, and explain why they have become so important in...

Answered: 1 week ago

Previous Question Next Question