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Marx Corporation purchased 264,000 of the 880,000 common shares of Abacus Ltd. on October 1, 2021, at $2.10 per share. Near the end of
Marx Corporation purchased 264,000 of the 880,000 common shares of Abacus Ltd. on October 1, 2021, at $2.10 per share. Near the end of the fourth quarter ended on December 29th, Abacus declared dividends on its common shares of $83,000 but the dividend payment date is not until 2022. Abacus also announced that it had net income for the quarter ended December 31, 2021, of $195,000. Record the journal entries that Marx would make during the last quarter ended December 31, 2021, under the following assumptions:
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