Accounting for equity investments
Money Man Investments completed the following transactions during 2018:
Jun.14 Purchased 400 shares of technomite stock, paying $56 per share. The investment represents 25% ownership in technomites voting stock and money man has significant influence over Technomite. Money Man intends to hold the investment for the indefinite future.
Aug. 22 Received a cash dividend of $0.27 per share on the Technomite stock.
Dec. 31 Technomite's current market value is $51 per share.
31 Technomite reported net income of $180,000 for the year ended 2018.
Requirements:
1. Journalize Money Man's transactions.
2. Classify and prepare partial financial statements for Money Man's 25% Technomite investment for the year ended December 31, 2018.
Answers: 2
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Accounting for equity investments
Money Man Investments completed the following transactions durin...
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