Present entries to record the following selected transactions of Masterson Co. a. Purchased 600 shares...
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Accounting
Present entries to record the following selected transactions of Masterson Co. a. Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100. b. Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted for by the equity method c. Received a cash dividend of $1 per share on the Dankin Corporation stock acquired in (a d. Received a cash dividend of $2 per share on the Ramon Co. stock acquired in (b). e. Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2,100. f. Dankin Corporation reported net income of $30,000 and Ramon Company's reported net income was $50,000. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0
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