Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2020 Feb Jul Aug Oct 12 Purchased 37,000 (total issued and outstanding common shares, 150,000) common shares of Austin Mg Lid at a cost of

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

2020 Feb Jul Aug Oct 12 Purchased 37,000 (total issued and outstanding common shares, 150,000) common shares of Austin Mg Lid at a cost of $3,274,500 Brokerage commissions on the purchase were $25,000 2 Purchased 6,500 additional Austin Mfg. Ltd. common shares at a cost of $91,50 per share Brokerage commissions on the purchase were $550 9 Received the annual cash dividend of $3 25 per share on the Austin Mfg Ltd investment 16 Purchased 2 300 Enterprise Ltd. common shares as a short-term investment paying $65.50 per share plus brokerage commission of 5850 30 Received the semi-annual cash dividend of $3.50 per share on the Enterprise Ltd investment 31 Received the annual report from Austin Mfg Ltd. Net income for the year was 51 230.000. Of this amount. Wellington Insurance Led's proportion is 29 percent 31 The current value of the Enterprise shares is $200.000. Nov. Dec 2021 Jan 14 Sold 5,000 Austin Mig Ltd. shares for $460,000 less brokerage commissions of $950 31 032/22 complete Wellington Insurance Lid owns numerous investments in the shares of other companies Assume Wellington Insurance Lid completed the following investment naciona (Click the icon to view the financial information.) Required Record the transactions in the general joumal of Wellington Insurance Lid The company's year end is December 31 July 2. 2020 Purchased 6.500 additional Austin Mig Ltd common shares at a cost of 591 50 per share Brokerage commissions on the purchase were 5550 Journal Entry Date Accounts Debit Credit 2020 Nil 2 August 9, 2020 Received the annual cash dividend of $325 per share on the Austin Mfg. Lid investment Journal Entry ACCOUNTS Date Debit Credit 2020 Aug 9 Choose from any ist or enter any number in the input heids and then continue to the next question October 16, 2020: Purchased 2,300 Enterprise Lid common shares as a short-term investment paying $65 50 per share plus brokerage commission of $850 Joumal Entry Accounts Date Debit Credit 2020 Od 16 November 30, 2020: Received the semi-annual cash dividend of 53.50 per share on the Enterprise Ltd investment Journal Entry Date Accounts Debilt Credit 2020 Nov 30 Choose any list or enter any number in the input fields and connex question Record the transactions in the general journal of Wellington Insurance Lid. The company's year end is December 31 December 31, 2020: Received the annual report from Austin Mig. Lid Net income for the year was $1230,000. Of this amount, Wellington Insurance Lid's proportion is 25 percent Journal Entry Date Accounts Debit Credit 2020 Dec 31 December 31 2020. The current value of the Enterprise shares is $200.000 Journal Entry Accounts Debli Credit 2020 DES December 31, 2020 The current value of the Enterprise shares is $200,000 Journal Entry Date Accounts Debit Credit 2020 Dec January 14, 2021 Sold 5 000 Austin Mfg Lid. shares for $460.000 less brokerage commissions of 5950. (Hold all decimals for Interim calculations. Round final ar Journal Entry Date Accounts Debit Credit 2021 Jan

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: Jack Kapoor

12th Edition

125996776X, 9781259967764

More Books

Students also viewed these Finance questions

Question

8. What values do you want others to associate you with?

Answered: 1 week ago