Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on february 15, jewel company buys 8,000 shares of

On February 15, Jewel Company buys 8,000 shares of Marcelo Corp.common at $28.63 per share...

70.2K

Verified Solution

Question

Accounting

image
On February 15, Jewel Company buys 8,000 shares of Marcelo Corp.common at $28.63 per share plus a brokerage fee of $445. The stock is classified as available for sale securities. This is the company's first and only investment in available for sale securities. On March 15, Marcelo Corp. declares a dividend of $115 per share payable to stockholders of record on April 15. Jewel Company received the dividend on April 15 and ultimately sells half of the Marcelo Corp, stock on November 17 of the current year for $2940 per share less a brokerage fee of $300. The fair value of the remaining 4.000 shares is $29.60 per share. The amount that Jewel Company should report in the asset section of its year-end December 31 balance sheet for its investment in Marcelo Corp. is: Multiple Choice $3,658 $118.400 a $229,485 $2.558 $6.215

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