Prepare all journal entries necessary to record E&F's investment transactions for the year. Show all computations. (Record debits first, the explanations from any journal entries. If your calculations require allocation based on time, use months and not days to allocate.) March 23. Loyal Corporation paid a $2.90 per share cash dividend. Account March 23 June 30: Shadow, Inc. reported $1,550,000 in net income for the year. When calculating the amount, consider how many months the compan (Round your answer to the nearest whole dollar.) Account June 30 January 1 (Beginning Balance: No entry required) E&F is currently holding 8.800 of Loyal Corporation common shares (publicly traded). The Loyal shares cost $17 per share. There is a debit balance of $17,600 in the fair value adjustment account. E&F does not have a significant influence over the investee. E&F purchased 1,400 shares of Hornell Company common stock for $153 per share. Hornell Company is publicly traded. E&F does not have a significant influence over the investee. January 23 February 4 March 23 June 30 E&F acquired 77,500 of the 310,000 outstanding shares of Shadow, Inc. for a total cost of $612,250. Loyal Corporation paid a $2.90 per share cash dividend. Shadow, Inc. reported $1,550,000 in net income for the year. Shadow also declared and paid a cash dividend of $2.80 per share. E&F purchased 330 bonds of the Rivero Tilton Group (RTG) at $800 par and intends to hold the debt investment to maturity E&F accrued interest on the RTG bonds amounted to $33,000. October 15 December 31 ecember 31 The year-end market values of the Loyal Corporation and Hornell shares are $30.20 and $160 per share, respectively. The RTG bonds were trading at $1,800 at the end of the current period and Shadow was trading at $17 per share. Prepare all journal entries necessary to record E&F's investment transactions for the year. Show all computations. (Record debits first, the explanations from any journal entries. If your calculations require allocation based on time, use months and not days to allocate.) March 23. Loyal Corporation paid a $2.90 per share cash dividend. Account March 23 June 30: Shadow, Inc. reported $1,550,000 in net income for the year. When calculating the amount, consider how many months the compan (Round your answer to the nearest whole dollar.) Account June 30 January 1 (Beginning Balance: No entry required) E&F is currently holding 8.800 of Loyal Corporation common shares (publicly traded). The Loyal shares cost $17 per share. There is a debit balance of $17,600 in the fair value adjustment account. E&F does not have a significant influence over the investee. E&F purchased 1,400 shares of Hornell Company common stock for $153 per share. Hornell Company is publicly traded. E&F does not have a significant influence over the investee. January 23 February 4 March 23 June 30 E&F acquired 77,500 of the 310,000 outstanding shares of Shadow, Inc. for a total cost of $612,250. Loyal Corporation paid a $2.90 per share cash dividend. Shadow, Inc. reported $1,550,000 in net income for the year. Shadow also declared and paid a cash dividend of $2.80 per share. E&F purchased 330 bonds of the Rivero Tilton Group (RTG) at $800 par and intends to hold the debt investment to maturity E&F accrued interest on the RTG bonds amounted to $33,000. October 15 December 31 ecember 31 The year-end market values of the Loyal Corporation and Hornell shares are $30.20 and $160 per share, respectively. The RTG bonds were trading at $1,800 at the end of the current period and Shadow was trading at $17 per share
