On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of Jupiter Co. at $41.80 plus commission charges of $540. On June 1, a cash dividend of $0.80 per share was received. On November 12, 900 shares were sold at $50 less commission charges of $108. At the end of the accounting period on December 31, the fair value of the remaining 1,800 shares of Jupiter Company's stock was $42.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

On February 22, Triangle Corporation acquired 2,700 shares of the 95,000 outstanding common stock of Jupiter Co. at $41.80 plus commission charges of $540. On June 1, a cash dividend of $0.80 per share was received. On November 12, 900 shares were sold at $50 less commission charges of $108. At the end of the accounting period on December 31, the fair value of the remaining 1,800 shares of Jupiter Company's stock was $42.50 per share. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter15: Contributed Capital

Section: Chapter Questions

Problem 1MC

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On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock of Jupiter Co. at $25 plus commission charges of $680. On June 1, a cash dividend of $1.70 per share was received. On November 12, 7,000 shares were sold at $31 less commission charges of $100. At the end of the accounting period on December 31, the fair value of the remaining 27,000 shares of Jupiter Company’s stock was $25.52 per share.Journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, (c) the sale of 7,000 shares, and (d) the change in fair value.
On February 22, Triangle Corporation acquired 34,000 shares of the 500,000 outstanding common stock of Jupiter Co. at $25 plus commission charges of $680. On June 1, a cash dividend of $1.70 per share was received. On November 12, 7,000 shares were sold at $31 less commission charges of $100. At the end of the accounting period on December 31, the fair value of the remaining 27,000 shares of Jupiter Company’s stock was $25.52 per share. d. Using the cost method, journalize the entry for the change in fair value. If an amount box does not require an entry, leave it blank.
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