P10-20A (similar to) Question Help The beginning balance sheet of Music Source Co. included a $900,000 investment in Ethan stock (20% ownership, Music has significant influence over Ethan). During the year, Music Source completed the following investment transactions: i (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize the transactions for the year of Music Source. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Mar. 3: Purchased 5,000 shares at $8 per share of Job Software common stock as a long-term equity investment, representing 1% ownership, no significant influence. Date Accounts and Explanation Debit Credit Mar. 3 AM /2020 Choose from any list or enter any number in the input fields and then click Check Answer 9 parts y remaining Clear All Check Answer DIL # USUI Peip The beginning balance sheet of Music Source Co. included a $900,000 investment in Ethan stock (20% ownership, Music has significant influence over Ethan). During the year, Music Source completed the following investment transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize the transactions for the year of Music Source. (Record debits first, then credits Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) More Info Mar. May Dec. 3 Purchased 5,000 shares at $8 per share of Job Software common stock as a long-term equity investment, representing 1% ownership, no significant influence. 15 Received a cash dividend of $0.94 per share on the Job investment. 15 Received a cash dividend of $55,000 from Ethan investment. 31 Received Ethan's annual report showing $110,000 of net income. 31 Received Job's annual report showing $800,000 of net income for the year. 31 Ethan's stock fair value at year-end was $867,000. 31 Job's common stock fair value at year-end was $9 per share. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining - Clear All Clear All Check Answer Check Answer FS The beginning balance sheet of Music Source Co. included a $900,000 investment in Ethan stock (20% ownership, Music has significant influence over Ethan). During the year, Music Source completed the following investment transactions: (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize the transactions for the year of Music Source. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.) Mar. 3 investor i Requirements Mar. 3 1. Journalize the transactions for the year of Music Source. 2. Post transactions to T-accounts to determine the December 31, 2018, balances related to the investment and investment income accounts. 3. Prepare Music Source's partial balance sheet at December 31, 2018, from your answers in Requirement 2. 4. Where is the unrealized holding gain or loss associated with the Job stock reported? Print Done Choose from any list or enter any number in the input fields and then click Check Answer. 9 parts y remaining Clear All Check
