Question
On January 1, 2018 Vulcan Company purchased 400 of the 1000 shares of Star Trek company stock for $60,000. At this time, Star Trek had
On January 1, 2018 Vulcan Company purchased 400 of the 1000 shares of Star Trek company stock for $60,000. At this time, Star Trek had a truck with a book value of $40,000 and a fair market value of $80,000. The truck has a life of 5 years with no salvage value and Star Trek uses straight line depreciation.
- On July 1, 2018 Star Trek paid a dividend of $1 per share.
- On December 31, 2018 Star Trek reported a profit of $11,000 and its stock was selling $151 per share
- On July 1, 2019 Star Trek paid a dividend of $2 per share
- On December 31, Star Trek reported a loss of $5000 and its stock was selling for $148 per share
- On July 1, 2020 Star Trek announced that it wasn't paying any dividends in 2020.
- On December 31, 2020 Star Trek reported a profit of $3000 and its stock was selling for $155 per share
- On January 31, 2021 Vulcan sold its entire investment in Star Trek at $150 per share
1. Make all journal entries connected with Vulcan's Investment in Star Trek in.
2. Fill in the following table:
2018 | 2019 | 2020 | |
Investment in Star Trek | |||
Investment Income |
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