Question : 177.The following transactions and information pertain to Lazar Corporation for : 1244293

 

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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