Question
On December 31, 2017, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of
On December 31, 2017, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.
Common Stock | Shares | Cost | ||
Gehring Co. | 1,830 | $51,240 | ||
Wooderson Co. | 4,860 | 38,880 | ||
Kitselton Co. | 1,610 | 28,980 |
On December 31, 2017, the total fair value of the securities was equal to its cost. In 2018, the following transactions occurred.
Aug. | 1 | Received $0.50 per share cash dividend on Gehring Co. common stock. | |
Sept. | 1 | Sold 1,458 shares of Wooderson Co. common stock for cash at $7 per share. | |
Oct. | 1 | Sold 732 shares of Gehring Co. common stock for cash at $31 per share. | |
Nov. | 1 | Received $1 per share cash dividend on Kitselton Co. common stock. | |
Dec. | 15 | Received $0.50 per share cash dividend on Gehring Co. common stock. | |
Dec. | 31 | Received $1 per share annual cash dividend on Wooderson Co. common stock. |
At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $7, and Kitselton Co. $16.
Journalize the 2018 transactions and post to the account Stock Investments. (Use the T-account form.)
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