Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. presented below are two independent situations: (

Presented below are two independent situations: (a) Oriole Inc. acquired 10% of the 415,000...

80.2K

Verified Solution

Question

Accounting

Presented below are two independent situations:
(a) Oriole Inc. acquired 10% of the 415,000 shares of common stock of Schuberger Corporation at a total cost of $12 per share
on June 17,2022. On September 3, Schuberger declared and paid a $115,000 dividend. On December 31, Schuberger
reported net income of $515,000 for the year.
(b) Sheffield Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 115,000
outstanding shares of common stock at a cost of $15 per share on January 1,2022. On May 15, Hunsaker declared and paid a
cash dividend of $115,000. On December 31, Hunsaker reported net income of $215,000 for the year.
Prepare all necessary joumal entries for 2022 for (a) Oriole and (b) Sheffield. (List all debit entries before credit entries. If no entry is
required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is
entered. Do not indent manually. Record entries in the order presented in the problem.)
Date
Account Titles and Explanation
(a)
(b)
Debit
Credit
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

Finance
1.2K views

What are the maximum gain and maximum loss to a trader that buys a call option?

Advance Math
1.2K views

Explain how and why synthetic division works.

General Management
1.2K views

Read the two articles listed under “Required Reading” below. Search the library data bases (particularly OneSearch)...

Accounting
1.2K views

Problem 15-5 Before Carla Corporation engages in the treasury stock transactions listed below, its general ledger reflects,...

Biology
1.2K views

Which molecule undergoes simple diffusion Na Glucose Amino acid Carbon dioxide Question 2 0 75...

Geometry
1.2K views

For the function f x csc x set the moving point to a possible values...

Geometry
1.2K views

QUESTION 4Find the number of sides of a regular polygon having an interior angle of...

Accounting
1.2K views

prepare journal entries to record the following transactions for ...

Accounting
1.2K views

Cox Industries began June with a finished-goods inventory of $13,000. The finished-goods inventory at the...

Accounting
1.2K views

Check my work Per Unit Coat Realizable Value Quantity Inventory by Product Category Tools: Hammers...

Accounting
1.2K views

The present value of a single sum is: Select one: A. The amount that would...

Accounting
1.2K views

Steve Jack and Chelsy Stevens formed a partnership, dividing income as follows: Annual salary...