Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. present entries to record the following selected t

Present entries to record the following selected transactions of Masterson Co. Aug. 1 Purchased 600...

70.2K

Verified Solution

Question

Accounting

image
Present entries to record the following selected transactions of Masterson Co. Aug. 1 Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100. 1 Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted the equity method. Sept. 1 Received a cash dividend of $1 per share on the Dankin Corporation stock acquired on August 1. 1 Received a cash dividend of $2 per share on the Ramon Co. stock acquired on August 1. Dec. 31 Sold 100 shares of the Dankin Corporation shares acquired on August 1 for $2,100. 31 Dankin Corporation reported net income of $30,000 and Ramon Company's reported net income was $50,000. If an amount box does not require an entry, leave it blank. Aug. 1 5,100 Investments-Dankin Corporation Stock Cash Investments-Ramon Co. Stock Cash Sept. 1 Cash Dividend Revenue 138 Sept. 1 am Investments-Ramon Co. Stock Dec 31 Cash Investments-Dankin Corporati 1 850

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Quiz Use the diagram in the box to convert the given measurement to the unit...

Basic Math
Q

Show the balanced oxidation and reduction half – reactions UNDERLINE THE REDUCING AGENT and BOX THE...

Chemistry
Q

Please solve the riddle, how can a virus encode a protein larger than the size of...

Biology
Q

Rearrange and isolate the indicated variables a M in S C M b P in...

Basic Math
Q

Hint What is the surface area of a square pyramid that has an 8cm base...

Algebra
Q

AbC pays XYZ for engines in Canadian dollars, converting the USD price into CAD. If...

Accounting
Q

I need assistance completing the statement of consolidated earnings and balance sheet, please. ...

Accounting
Q

Fred McReynolds is the accountant for Y Ltd and conducted the following analysis of the...

Accounting
Q

Sarah has 1000$ and decides to invest 600$ of her money in a risky portfolio...

Finance
Q

1. A bond that pays interest annually has a 6 percent promised yield and a...

Finance
Q

What is the after tax cost of debt used by Running Shoes, Inc.? O 8.00%...

Finance
Q

Search your own life experiences for examples risk-reward trade-offs and diversification benefits that have nothing...

Finance