Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. brief exercise 15-11 swifty inc. owns shares of na

Brief Exercise 15-11 Swifty Inc. owns shares of Nash Corporation stock. At December 31, 2017,...

60.1K

Verified Solution

Question

Accounting

image

Brief Exercise 15-11 Swifty Inc. owns shares of Nash Corporation stock. At December 31, 2017, the securities were carried in Swifty's accounting records at their cost of $773,000, which equals their fair value. On September 21, 2018, when the fair value of the securities was $1,287,000, Swifty declared a property dividend whereby the Nash securities are to be distributed on October 23, 2018, to stockholders of record on October 8, 2018. Prepare all journal entries necessary on those three dates. (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.) Date Account Titles and Explanation Debit Credit To record gain or loss) To record property dividend) SHOW LIST OF ACCOUNTS LINK TO TEXT

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

Basic Math
1.2K views

k suggests that the probability of a certain fuse 86 where x is the impurity...

Medical Sciences
1.2K views

** Integrative Question: Describe at least FIVE processes in neurons, myocytes (muscle cells skeletal, smooth, &...

Biology
1.2K views

Chickens have different comb morphologies which can be walnut, pea, single or rose. Suppose that a...

Biology
1.2K views

n what way is a gene pool representative of a population

Basic Math
1.2K views

Dengo Company makes a trail mix in two departments Roasting and Blending Direct materials are...

Calculus
1.2K views

Consider the function y 4 sin 2x Give exact answers using fractions and multiples of...

Calculus
1.2K views

Find Kyo for which the dea of the region x 0 and y 0 dave...

Accounting
1.2K views

In a recent newspaper release, the president of Magnusson Company asserted that something has to...

Accounting
1.2K views

Discounts got are A. Given by us when we sell merchandise on layaway...

Accounting
1.2K views

E11-13 (Algo) Accounting for Dividends [LO 11-3) Tools-R-Us Acme is a leading global manufacturer and...

Accounting
1.2K views

Henry Tylers VISA balance is $1,487.38. He may pay it off in 12 equal end-of-month...

Accounting
1.2K views

Bracey Company manufactures and sells one product. The following information pertains to the company's first...