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. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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