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The beginning balance sheet of Stamp Source Co. Included a $700.000 investment in Andy stock (25% ownership, Stamp has significant influence over Andy) During
The beginning balance sheet of Stamp Source Co. Included a $700.000 investment in Andy stock (25% ownership, Stamp has significant influence over Andy) During the year, Stamp Source completed the following investment transactions (Cick the icon to view the transactions.) Read the requirements Requirement 1. Joumalize the transactions for the year of Stamp 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 6.000 shares at $11 per share of Lime Software common stock as a long-term equity investment, representing 6% ownership, no significant influence Date Mar 31 Accounts and Explanation May 15 Received a cash dividend of $0.94 per share on the Lime investment Date May 15 Accounts and Explanation Dec 15: Received a cash dividend of $30,000 from Andy investment. Date Dec 15 Accounts and Explanation: Dec 31 Received Andy's annual report showing $100 000 of net income, Date Dec 31 Accounts and Explanation Dec 31 Received Lime's annual report showing $200,000 of net income for the year Date Dec 31 Accounts and Explanation Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
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