Question 2 Q:15
The beginning balance sheet of Text Source Co. included an $800,000 investment in Andy stock ( 40% ownership, Text has significant influence over Andy). During the year, Text 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 Text 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 1,000 shares at $11 per share of Rast Software common stock as a long-term equity investment, representing 2% ownership, no significant influence. Dec. 15: Received a cash dividend of $55,000 from Andy investment. Dec. 31: Andy's stock fair value at year-end was $785,000. Requirement 2. Post transactions to T-accounts to determine the December 31,2024 , balances related to the investment and investment income accounts. (Select the missing investment account.) Requirement 3. Prepare Text Source's partial balance sheet at December 31,2024 , from your answers in Requirement 2 . (If a box is not used in the partial balance sheet, leave the box empty; do not select a label or enter a zero.) More info Requirements 1. Journalize the transactions for the year of Text Source. 2. Post transactions to T-accounts to determine the December 31,2024 , balances related to the investment and investment income accounts. 3. Prepare Text Source's partial balance sheet at December 31, 2024, from your answers in Requirement 2. 4. Where is the unrealized holding gain or loss associated with the Rast stock reported? The beginning balance sheet of Text Source Co. included an $800,000 investment in Andy stock ( 40% ownership, Text has significant influence over Andy). During the year, Text 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 Text 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 1,000 shares at $11 per share of Rast Software common stock as a long-term equity investment, representing 2% ownership, no significant influence. Dec. 15: Received a cash dividend of $55,000 from Andy investment. Dec. 31: Andy's stock fair value at year-end was $785,000. Requirement 2. Post transactions to T-accounts to determine the December 31,2024 , balances related to the investment and investment income accounts. (Select the missing investment account.) Requirement 3. Prepare Text Source's partial balance sheet at December 31,2024 , from your answers in Requirement 2 . (If a box is not used in the partial balance sheet, leave the box empty; do not select a label or enter a zero.) More info Requirements 1. Journalize the transactions for the year of Text Source. 2. Post transactions to T-accounts to determine the December 31,2024 , balances related to the investment and investment income accounts. 3. Prepare Text Source's partial balance sheet at December 31, 2024, from your answers in Requirement 2. 4. Where is the unrealized holding gain or loss associated with the Rast stock reported
