StrategicStrategic

Investments completed the following investment transactions during

20182018:

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.Requirement 1. Journalize

Strategic'sStrategic's

investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.)Jan. 14: Purchased

800800

shares of

PhyflexonPhyflexon

stock, paying

$ 50$50

per share. The investment represents

4 %4%

ownership in

Phyflexon'sPhyflexon's

voting stock.

StrategicStrategic

does not have significant influence over

PhyflexonPhyflexon.

StrategicStrategic

intends to hold the investment for the indefinite future.

Date			Accounts	Debit	Credit
Jan. 14

Aug. 22: Received a cash dividend of

$ 0.24$0.24

per share on the

PhyflexonPhyflexon

stock.

Date			Accounts	Debit	Credit
Aug. 22

Dec. 31: Adjusted the investment to its current market value of

$ 45$45

per share.

Date			Accounts	Debit	Credit
Dec. 31

Dec. 31:

PhyflexonPhyflexon

reported net income of

$ 330 comma 000$330,000

for the year ended

20182018.

Date			Accounts	Debit	Credit
Dec. 31

Requirement 2. Classify and prepare a partial balance sheet for

StrategicStrategic's

PhyflexonPhyflexon

investment as of December 31,

20182018.

(Use a minus sign or parentheses to enter a loss. If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.)

Strategic Investments
Balance Sheet (Partial)
December 31, 2018
Current Assets:
Long-term Assets:
Stockholders' Equity
Accumulated Other Comprehensive Income:

Requirement 3. Prepare a partial income statement for

StrategicStrategic

Investments for year ended December 31,

20182018.

(Use a minus sign or parentheses to enter a loss.)

Strategic Investments
Income Statement (Partial)
For the Year Ended December 31, 2018
Other Income and (Expenses):

Choose from any list or enter any number in the input fields and then continue to the next question.