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The following information pertains to Rossow Corporation ams its investee Reimer Company: a. Rossow purchased 1,500 shares of Relmer on July 12, 2021, for $28,500;
The following information pertains to Rossow Corporation ams its investee Reimer Company:
a. Rossow purchased 1,500 shares of Relmer on July 12, 2021, for $28,500; b. Reimer reported $21,000 net income on December 31, 2021; c. Reimer's stock price was $25 on December 31, 2021; d. Reimer declared and paid a $2 per share cash dividend on May 1, 2022; e. Reimer reported $21.000 net income on December 31, 2022; and f. Reimer's stock price was $20 on December 31, 2022. Required: 1. Prepare journal entries to record the facts in the case, assuming Rossow owns less than 10 percent of Relmer's stock. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet > Record the purchase of 1,500 shares of Reimer Company for $28,500. The company reports the purchase as marketable equity securities Note: the debits before credits Date General Journal Debit Credit Step by Step Solution
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