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Please explain how to get the correct numbers for the Last 2 entries. totally lost on those. Heidebrecht Design acquired 20% of the outstanding common
Please explain how to get the correct numbers for the Last 2 entries. totally lost on those.
Heidebrecht Design acquired 20% of the outstanding common stock of Quayle Company on January 1, 2017, by paying $800,000 for the 30,000 shares. Quayle declared and paid $0.30 per share cash dividends on March 15, June 15, September 15, and December 15, 2017. Quayle reported net income of $320,000 for the year. At December 31, 2017, the market price of Quayle common stock was $34 per share Your answer is partially correct. Try again Prepare the journal entries for Heidebrecht Design for 2017 assuming Heidebrecht Design cannot exercise significant influence over Quayle. (Use the cost method and assume that Quayle common stock should be classified as a trading security.) (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 Stock Investments 800000 Cash 800000 Mar. 15 Cash 9000 Dividend Revenue 9000 June 15Cash 2250 Dividend Revenue 2250 Sept. 15 Cash 2250 Dividend Revenue 2250 Dec. 15 ||Cash 2250 Dividend Revenue 2250 Dec. 31 Stock Investments CashStep by Step Solution
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