Question
Required information [The following information applies to the questions displayed below.] On July 12, 2018, Rossow Corporation purchased 1,300 shares of Reimer Company for $52,000.
Required information
[The following information applies to the questions displayed below.]
On July 12, 2018, Rossow Corporation purchased 1,300 shares of Reimer Company for $52,000. The following information applies to the fair value of Reimer Company:
Per Share | |||
12/31/2018 | $ | 44 | |
12/31/2019 | 43 | ||
12/31/2020 | 35 | ||
Reimer Company declares and pays cash dividends of $3 per share on May 1 of each year.
Required:
-
Prepare journal entries to record the facts in the case, assuming Rossow owns less than 10 percent of Reimers stock. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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