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On January 5, 2020, Kingbird Company purchased the following stock securities: 372 shares Bonter Corporation common stock for $5,580. 620 shares Wane Corporation common stock
On January 5, 2020, Kingbird Company purchased the following stock securities: 372 shares Bonter Corporation common stock for $5,580. 620 shares Wane Corporation common stock for $12,400. 992 shares Strauss Corporation common stock for $28,272. Assume that Kingbird Company cannot exercise significant influence over the activities of the investee companies and that the cost method is used to account for the investments. On June 30, 2020, Kingbird Company received the following cash dividends: Bonter Corporation $2.00 per share Wane Corporation $1.00 per share Strauss Corporation $1.50 per share On November 15, 2020, Kingbird Company sold 216 shares of Strauss Corporation common stock for $9,720. On December 31, 2020, the fair value of the securities held by Kingbird Company is as follows: Bonter Corporation common stock Per Share $10 Wane Corporation common stock 16 Strauss Corporation common stock 28 Prepare the appropriate journal entries that Kingbird Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Prepare the appropriate journal entries that Kingbird Company should make during 2020 to account for the company's stock portfolio. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
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