Question
Your task is record selected transactions for STONEWALL CORPORATION for 2021. Stonewall purchased 100 shares of Marsh Corporations common stock for $85 per share September
Your task is record selected transactions for STONEWALL CORPORATION for 2021.
Stonewall purchased 100 shares of Marsh Corporations common stock for $85 per share September 30, 2021. Marsh has a total of 500 shares of common stock outstanding. Most of that stock is held by Kevin Marsh, the founder and CEO of the company. On December 15, Stonewall received $1,000 in dividends from Marsh. On December 31, Marshs stock was selling for $81 per share but Stonewall has no intentions of selling the stock anytime in foreseeable future. Marshs 2021 net income was $780,000.
Prepare any required journal entries, and show all supporting calculations.
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