177.The following transactions and information pertain to Lazar Corporation for 20×7 and 20×8.
20×7
May
1
Purchased 3,000 shares of Ross Corporation common stock at $20 per share (representing 5 percent of Ross’s total outstanding stock) as a long-term investment.
Sept.
1
Received a cash dividend from Ross equal to $0.60 per share.
Dec.
31
Market value of Ross stock at year end was $18 per share.
20×8
Sept.
1
Received a cash dividend from Ross equal to $.050 per share.
Nov.
1
Sold 400 shares of Ross at $19 per share.
Dec.
31
Market value of Ross stock at year end was $17 per share.
Prepare entries in journal form, without explanations, to record the above. Lazar’s accounting year ends December 31.
General Journal
Page 1
Date
Description
Post.
Ref.
Debit
Credit
178.The following transactions and information pertain to Yates Corporation for 20×7 and 20×8.
20×7
May
1
Purchased 3,000 shares of Templin Corporation common stock at $32 per share representing 2 percent of Templin’s total outstanding stock) as a long-term investment.
Sept.
1
Received a cash dividend from Templin equal to $1.40 per share.
Dec.
31
Market value of Templin stock at year end was $24 per share.
20×8
Sept.
1
Received a cash dividend from Templin equal to $1.40 per share.
Nov.
1
Sold 300 shares of Templin at $26 per share.
Dec.
31
Market value of Templin stock at year end was $22 per share.
Prepare entries in journal form, without explanations, to record the above. Yates’s accounting year ends December 31.
General Journal
Page 1
Date
Description
Post.
Ref.
Debit
Credit
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