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Present entries to record the following selected transactions. (10 points) Omit journal explanations. (a) Purchased 400 shares of Mickey Corporation common stock at $30 per
Present entries to record the following selected transactions. (10 points) | |||||||
Omit journal explanations. | |||||||
(a) | Purchased 400 shares of Mickey Corporation common stock at $30 per share plus a brokerage fee of $100. Mickey Corporation has 50,000 shares outstanding. | ||||||
(b) | Purchased a significant influence of Minnie Corporation stock for $35,000 by purchasing 3,000 shares of the 10,000 oustanding. | ||||||
(c) | Received a cash dividend of $1 per share on the Mickey Corp. stock acquired in (a). | ||||||
(d) | Received a cash dividend of $2 per share on the Minnie Corp. stock acquired in (b). | ||||||
(e) | Recorded the appropriate share of Minnie Co. net income of $50,000. The stock was acquired in (b). |
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