70.2K

Verified Solution

Link Copied!

Entries for equity investments: less than 20% ownership Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Purchased for cash 750 shares of Celeste Inc.'s common stock for $69 per share plus a $375 brokerage commission. Celeste Inc. has 81,000 shares of common stock outstanding. Received dividends of $0.20 per share on Celeste Inc. stock. Purchased 550 shares of Celeste Inc. stock for $77 per share plus a $275 brokerage commission. Sold 850 shares of Celeste Inc. stock for $82 per share less a $425 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.30 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 450 shares of Celeste Inc. stock was $36,875. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. Mar. 6 June 7 July 26

Entries for equity investments: less than 20% ownership Quan Corp. manufactures construction equipment. Journalize the entries to record the foliowing selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Purchased for cash 750 shares of Celeste Inci's common stock for $69 per share plus a $375 brokerage commission. Celeste tnc, has 81,000 shares of common stock outstanding. Mar. 6 Received dividends of $0.20 per share on celeste Inc, stock. June 7 Purchased 550 shares of Celeste inc, stock for $77 per share plus a $275 brokerage commission. July 26 Sold 850 shares of Celeste Inc. stock for $82 per share iess a $425 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.30 per share on Celeste Inc. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 450 shares of Celeste Inc stock was $36,875. If an amount box does not require an entry, leove it blank. When required, round final answers to the nearest dollar

Answer & Explanation Solved by verified expert

See Answer