Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. swifty corporation purchased 400 shares of sherman

Swifty Corporation purchased 400 shares of Sherman Inc. common stock for $14,100(Swifty does not have...

70.2K

Verified Solution

Question

Accounting

Swifty Corporation purchased 400 shares of Sherman Inc. common stock for $14,100(Swifty does not have significant influence).
During the year, Sherman paid a cash dividend of $3.25 per share. At year-end, Sherman stock was selling for $35.50 per share.
Assume the stock is nonmarketable.
Prepare Swifty's journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value
adjustment. (Assume a zero balance in the Fair Value Adjustment account.)(List all debit entries before credit entries. Credit account titles
are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and
enter 0 for the amounts.)
No. Account Titles and Explanation
Debit
Credit
(a)
Cash
(b)
Dividend Revenue
(c)
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Write an expression having only two terms that is equivalent to 2x-3. Explain how you...

Algebra
Q

Q8 Researcher A recruited a random sample of 100 pandas. Researcher B also recruited a random...

Statistics
Q

Can I get whole answeres for this case? The case and questions in your side but...

Finance
Q

Question 1 a) A girl throws a stone vertically upwards with an initial speed of 5 m/s....

Physics
Q

2 Polyploidy is more common in plants or animals 3 What are two advantages to...

Biology
Q

Find the value of x. The diagram isnot to scale.351459045

Geometry
Q

In some cases in hockey, the coach decides who will take a penalty shot. Player...

Statistics
Q

Ha Hdiff before after 0 c Put the list of differences in your calculator and...

Statistics
Q

TB Problem Qu.12-114(Algo) Gadsen Company's quality cost report ... Gadsen Company's quality cost report...

Accounting
Q

complete the problem using Excel formula P-30: Analysis...

Accounting
Q

Required information The following information applies to the questions displayed below) Calvin reviewed his canceled...

Accounting
Q

label answers please =1

Finance