Question
Top Team Investments completed the following investment transactions during 2024: (Click the icon to view the transactions.) Requirements 1. Journalize the entries for 2024.
Top Team Investments completed the following investment transactions during 2024: (Click the icon to view the transactions.) Requirements 1. Journalize the entries for 2024. Explanations are not required. 2. What account(s) and amount(s), if any, would be reported on Top Team's income statement for the year ended December 31, 2024? Requirement 1. Journalize the entries for 2024. 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 800 shares of Voltexar stock, paying $45 per share. The investment represents 4% ownership in Voltexar's voting stock. Top Team does not have significant influence over Voltexar. Top Team intends to hold the investment for the indefinite future. Date Jan. 14 Accounts Equity Investments-Voltexar Cash Aug. 22: Received a cash dividend of $0.49 per share on the Voltexar stock. Date Aug. 22 Cash Dividend Revenue Accounts Debit Credit 36,000 36,000 Debit Credit 392 392 More info Jan. 14 Purchased 800 shares of Voltexar stock, paying $45 per share. The investment represents 4% ownership in Voltexar's voting stock. Top Team does not have significant influence over Voltexar. Top Team intends to hold the investment for the indefinite future. Aug. 22 Dec. 31 Received a cash dividend of $0.49 per share on the Voltexar stock. Adjusted the Voltexar investment to its current market value of $48. Print Done
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