On January 2, 2017, Norwin Company purchased 3,000 shares of Oslo Company common stock for...
80.2K
Verified Solution
Link Copied!
Question
Accounting
On January 2, 2017, Norwin Company purchased 3,000 shares of Oslo Company common stock for $60,000. The stock has a par value of $10 and is part of the total stock outstanding of 20,000 shares of Oslo Company. Total stockholders' equity of Oslo Company on January 2, 2017 was $600,000.
Instructions
Prepare necessary journal entries on the books of Norwin Company for the following transactions. If no entry is required, write "none" in the space provided. (Round all calculations to the nearest cent.)
January 2, 2017: Norwin purchases the shares described above.
December 31, 2017: Norwin receives a $.75 per share dividend from Oslo, and Oslo announces a net income for 2017 of $250,000.
December 31, 2017: According to The Wall Street Journal, Oslo common is selling for $19 per share. Norwin's management views this decline as being only temporary in nature.
February 15, 2018: Norwin sells 1,000 of the shares purchased on January 2, 2017 at $21 per share.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.