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please use proper charts of accounts The beginning balance sheet of Stamp Source Co. included a $500,000 investment in Entro stock ( 20% ownership, Stamp
please use proper charts of accounts
The beginning balance sheet of Stamp Source Co. included a $500,000 investment in Entro stock ( 20% ownership, Stamp has significant influence over Entro). During the year, Stamp 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 Stamp 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 $7 per share of Josh Software common stock as a long-term equity investment, representing 4% ownership, no significant influence. Purchased 5,000 shares at $7 per share of Josh Software common stock as a Mar. 3 long-term equity investment, representing 4% ownership, no significant influence. May 15 Received a cash dividend of $0.64 per share on the Josh investment. Dec. 15 Received a cash dividend of $65,000 from Entro investment. Dec. 31 Received Entro's annual report showing $120,000 of net income. Dec. 31 Received Josh's annual report showing $100,000 of net income for the year. Dec. 31 Entro's stock fair value at year-end was $459,000. Dec. 31 Josh's common stock fair value at year-end was $11 per share. Requirements 1. Journalize the transactions for the year of Stamp Source. 2. Post transactions to T-accounts to determine the December 31, 2018, balances related to the investment and investment income accounts. 3. Prepare Stamp 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 Josh stock reported? No entry required ginning be Sourcecc Available-for-Sale Debt Investments ilck the icc Cash Dividend Revenue Equity Investments irement 1. uired selec Equity Investments-Entro its first then 3. Purchase Fair Value Adjustment-Available-for-Sale Date ong-term equit Fair Value Adiustment - Faulitv Investments Debit xxample Get more help. ticipat Fair Value Adjustment-Equity Investments Fair Value Adjustment-Held-to-Maturity aginning bi Entro stock (20% Source cc Fair Value Adjustment - Trading Elick the icc Gain on Disposal Held-to-Maturity Debt Investments Interest Revenue fuirement 1. equired selec Loss on Disposal its first, then credits column and leave the r. 3 Purchase Revenue from Investments rng-term equity inves Tradina Puabt Invinotiosinte Debit s example Get more help. Trading Debt Investments Unrealized Holding Gain-Available-for-Sale Unrealized Holding Gain-Equity Investments Entro stock (20% on Unrealized Holding Gain-Held-to-Maturity Unrealized Holding Gain - Trading Unrealized Holding Loss - Available-for-Sale ment 1. Unrealized Holding Loss-Equity Investments its first then eredils 5 column and leawe there Purchase Unrealized Holding Loss-Held-to-Maturity Unrealized Holding Loss - Trading ample Get more helpStep by Step Solution
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