Question
On August 1, 2021, Macaron Ltd. purchased 1,100 Datawave Inc. common shares for $46,100 cash with the intention of trading the shares and using the
On August 1, 2021, Macaron Ltd. purchased 1,100 Datawave Inc. common shares for $46,100 cash with the intention of trading the shares and using the fair value through profit or loss model. Datawave declared a dividend of $1 per common share, which Macaron received on December 28, 2021. On December 31, 2021, Macarons year end, the shares fair value was $50,700.
Prepare the journal entry to record the purchase of this investment on August 1. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Aug. 1 | enter an account title for the journal entry on August 1 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on August 1 | enter a debit amount | enter a credit amount |
List of Accounts
Prepare the journal entry to record the receipt of the dividend on December 28. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Dec. 28 | enter an account title for the journal entry on December 28 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on December 28 | enter a debit amount | enter a credit amount |
List of Accounts
Prepare the journal entry to record any adjusting journal entry required at December 31. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | enter an account title for the journal entry on December 31 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on December 31 | enter a debit amount | enter a credit amount |
List of Accounts
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