{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T04:31:47-04:00", "answer_date": "2024-06-28 04:31:47", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4237737", "url": "\/study-help\/questions\/on-january-1-2018-reduction-products-inc-acquired-1500-common-4237737", "question_creation_date_js": "2024-06-28T04:31:47-04:00", "question_creation_date": "Jun 28, 2024 04:31 AM", "meta_title": "[Solved] On January 1, 2018, Reduction Products In | SolutionInn", "meta_description": "Answer of - On January 1, 2018, Reduction Products Inc. acquired 1,500 common shares of Tupper Corp. for $24,000. On that date, Tu | SolutionInn", "meta_keywords": "january,1,2018,reduction,products,inc,acquired,1,500,common,shares,tupper,corp", "question_title_h1": "On January 1, 2018, Reduction Products Inc. acquired 1,500 common shares of Tupper Corp. for $24,000. On that date, Tupper had 10,000 common shares outstanding.", "question_title": "On January 1, 2018, Reduction Products Inc. acquired 1,500 common shares of", "question_title_for_js_snippet": "On January 1, 2018, Reduction Products Inc acquired 1,500 common shares of Tupper Corp for $24,000 On that date, Tupper had 10,000 common shares outstanding On October 1, 2018, Tupper declared and paid a cash dividend of $2 per share On November 13, 2018, Reduction sold 300 shares of Tupper for $5,000 Tupper reported 2018 net income of $36,000 Tupper's fair market value is $15 per share at December 31, 2018 This is Reduction's only investment and they plan on disposing of the shares in Tupper in the next year Question Prepare Reduction's journal entries to record the transactions related to its investment in Tupper Give the title and amount of each item (except cash) on the December 31, 2018, statement of financial position related to this investment Name the statement of financial position section in which each item appears ", "question_description": "

On January 1, 2018, Reduction Products Inc. acquired 1,500 common shares of Tupper Corp. for $24,000. On that date, Tupper had 10,000 common shares outstanding. On October 1, 2018, Tupper declared and paid a cash dividend of $2 per share. On November 13, 2018, Reduction sold 300 shares of Tupper for $5,000. Tupper reported 2018 net income of $36,000. Tupper's fair market value is $15 per share at December 31, 2018. This is Reduction's only investment and they plan on disposing of the shares in Tupper in the next year.<\/p>

Question:<\/em><\/strong><\/p>

  1. Prepare Reduction's journal entries to record the transactions related to its investment in Tupper.<\/li>
  2. Give the title and amount of each item (except cash) on the December 31, 2018, statement of financial position related to this investment. Name the statement of financial position section in which each item appears.<\/li> <\/ol>", "transcribed_text": "", "related_book": { "title": "Income Tax Fundamentals 2013", "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516", "edition": "31st Edition", "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg", "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618", "see_more_uri": "" }, "free_related_book": { "isbn": "9811097399", "uri": "\/textbooks\/sustainable-management-of-luxury-1st-edition-978-9811097393-261354", "name": "Sustainable Management Of Luxury", "edition": "1st Edition" }, "question_posted": "2024-06-28 04:31:47", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/you-plan-to-purchase-a-150000-house-using-a", "description": "You plan to purchase a $ 150,000 house using a 15-year mortgage obtained from your local credit union. The mortgage rate offered to you is 5.25 percent. 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