Need help while doing practice questions Here is all the info Bitnec Corporation acquired three separate investments at the beginning of the year Information about each acquisition, the dividends interest received during the year, income, and year end stock debt price, follows INITIAL INVESTMENT Purchased 50,000 shares of Lynch Corporation at $11 per share This investment was made with the intent of near term trading profits Lynch Corporation has 5,000,000 shares outstanding Purchased $200,000 of Graham Corporation debt for $200,000 This investment was generally considered to be long term with no particular plans for near term trading, although it is unlikely Bitnec will hold the investment until maturity Purchased 40 of the shares of Buffet Corporation at $30 per share This investment was generally considered to be long term with plans to exert significant influence Buffet Corporation has 1,500,000 shares outstanding DIVIDENDS INTEREST Lynch Corporation declared and paid dividends of $0 50 per share Graham Corporation paid interest on outstanding debt, including $10,000 to Bitnec Buffet Corporation declared and paid dividends of $0 25 per share NET INCOME Lynch Corporation reported net income of $4,000,000 for the year Graham Corporation reported net income of $7,000,000 for the year Buffet Corporation reported net income of $1,200,000 for the year YEAR END VALUES Lynch Corporation's closing stock price at the end of the year was $13 per share Due to deteriorating finances, the value of Graham's debt held by Bitnec plunged to $150,000 Buffet Corporation's closing stock price at the end of the year was $33 per share (a) Prepare journal entries, as necessary, to account for the initial investment, dividend, and year end stock price for the investment in Lynch Corporation (b) Prepare journal entries, as necessary, to account for the initial investment, interest and year end debt value for the investment in Graham Corporation securities (c) Prepare journal entries, as necessary, to account for the initial investment, dividend and year end stock price for the investment in Buffet Corporation

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Need help while doing practice questions. Here is all the info Bitnec Corporation acquired three separate investments at the beginning of the year.Information about each

Need help while doing practice questions. Here is all the info

Bitnec Corporation acquired three separate investments at the beginning of the year.Information about each acquisition, the dividends/interest received during the year, income, and year-end stock/debt price, follows:

INITIAL INVESTMENT

Purchased 50,000 shares of Lynch Corporation at $11 per share.This investment was made with the intent of near-term trading profits.Lynch Corporation has 5,000,000 shares outstanding.
Purchased $200,000 of Graham Corporation debt for $200,000.This investment was generally considered to be long-term with no particular plans for near-term trading, although it is unlikely Bitnec will hold the investment until maturity.
Purchased 40% of the shares of Buffet Corporation at $30 per share.This investment was generally considered to be long-term with plans to exert significant influence.Buffet Corporation has 1,500,000 shares outstanding.

DIVIDENDS/INTEREST

Lynch Corporation declared and paid dividends of $0.50 per share.
Graham Corporation paid interest on outstanding debt, including $10,000 to Bitnec.
Buffet Corporation declared and paid dividends of $0.25 per share.

NET INCOME

Lynch Corporation reported net income of $4,000,000 for the year.
Graham Corporation reported net income of $7,000,000 for the year.
Buffet Corporation reported net income of $1,200,000 for the year.

YEAR END VALUES

Lynch Corporation's closing stock price at the end of the year was $13 per share.
Due to deteriorating finances, the value of Graham's debt held by Bitnec plunged to $150,000.
Buffet Corporation's closing stock price at the end of the year was $33 per share.

(a) Prepare journal entries, as necessary, to account for the initial investment, dividend, and year-end stock price for the investment in Lynch Corporation.

(b) Prepare journal entries, as necessary, to account for the initial investment, interest and year-end debt value for the investment in Graham Corporation securities.

(c) Prepare journal entries, as necessary, to account for the initial investment, dividend and year-end stock price for the investment in Buffet Corporation.