Question

In: Accounting

3. On November 19, 20x7, Lassen Company purchased 30,000 shares of JCN Corporation stock for $480,000,...

3. On November 19, 20x7, Lassen Company purchased 30,000 shares of JCN Corporation stock for $480,000, and 10,000 shares of Canoga Corporation stock for $250,000. Lassen's management intends to hold all 40,000 shares for a short period of time. On December 31, 20x7, the price of JCN's stock was $13 per share, and the price of the Canoga stock was $30 per share. Finally, on January 27, 20x8, Lassen sold all 10,000 shares of Canoga stock for $320,000. In the journal form, prepare Lassen's entries for November 19, December 31, and January 27.

Solutions

Expert Solution

In case of any clarification, please do comment. Thank you

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

1. On November 28, 20x7, Barrett Company purchased 20,000 shares of HAL Corporation common stock for...
1. On November 28, 20x7, Barrett Company purchased 20,000 shares of HAL Corporation common stock for $360,000. Barrett's management intends to hold the shares for a short period of time. On December 31, 20x7, the price of HAL stock was $15 per share. Finally, on January 19, 20x8, Barrett sells all 20,000 shares for $375,000. Prepare Barrett's journal entries for November 28, December 31, and January 19.
2017 Jan. 2     Purchased 30,000 shares of O’Neal Company $3 par value common stock for $205,000...
2017 Jan. 2     Purchased 30,000 shares of O’Neal Company $3 par value common stock for $205,000 plus a broker’s fee of $3,580.   O’Neal has 90,000 common shares outstanding and it policies will be significantly influenced by Frederick Company. Sept 1.   O’Neal declared and paid a cash dividend of $3.20 per share. Dec. 31 O’Neal announced that net income for the year is $650,900. 2018 June 1    O’Neal declared and paid a cash dividend of $3.53 per share. Dec. 31 O’Neal...
Dividends Per Share Windborn Company has 30,000 shares of cumulative preferred 3% stock, $50 par and...
Dividends Per Share Windborn Company has 30,000 shares of cumulative preferred 3% stock, $50 par and 50,000 shares of $20 par common stock. The following amounts were distributed as dividends: Year 1 $67,500 Year 2 36,000 Year 3 135,000 Determine the dividends per share for preferred and common stockfor each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Preferred Stock (dividends per share) Common Stock (dividends per share) Year 1 $ $ Year...
Dividends Per Share Sandpiper Company has 30,000 shares of cumulative preferred 3% stock, $150 par and...
Dividends Per Share Sandpiper Company has 30,000 shares of cumulative preferred 3% stock, $150 par and 50,000 shares of $20 par common stock. The following amounts were distributed as dividends: Year 1 $337,500 Year 2 67,500 Year 3 405,000 Determine the dividends per share for preferred and common stock for each year. Round all answers to two decimal places. If an answer is zero, enter '0'. Year 1 Year 2 Year 3 Preferred stock (Dividends per share) $ $ $...
Leia purchased 1000 shares of stock in Wookie World for $22 per share on November 4,...
Leia purchased 1000 shares of stock in Wookie World for $22 per share on November 4, 2016. Slowly but surely the fair market value of the stock rose over the next couple of years. On June 7, 2019 Leia sold fifty percent (50%) of her shares in Wookie World for $57 per share. On July 12, 2019 Leia bought 200 shares of Light Sabers Enterprises Inc. (LSEI) for $19 per share but sold them on July 24, 2019 for $18...
As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 480,000 shares for...
As a long-term investment, Painters' Equipment Company purchased 20% of AMC Supplies Inc.'s 480,000 shares for $560,000 at the beginning of the fiscal year of both companies. On the purchase date, the fair value and book value of AMC’s net assets were equal. During the year, AMC earned net income of $330,000 and distributed cash dividends of 25 cents per share. At year-end, the fair value of the shares is $593,000. 2. Assume significant influence was acquired. Prepare the appropriate...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Jackson sold 6,000 of the treasury shares on September 30, 2018, for $47 per share. Net income for 2018 was $180,905. Also outstanding at December 31, 2017, were fully vested incentive stock options giving...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2017, Jackson Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $50 par, cumulative preferred stock outstanding. On February 28, 2018, Jackson purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Jackson sold 6,000 of the treasury shares on September 30, 2018, for $47 per share. Net income for 2018 was $180,905. Also outstanding at December 31, 2017, were fully vested incentive stock options giving...
On December 31, 2020, Heffner Company had 100,000 shares of common stock outstanding and 30,000 shares...
On December 31, 2020, Heffner Company had 100,000 shares of common stock outstanding and 30,000 shares of 7%, $100 par, cumulative preferred stock outstanding. On February 28, 2021, Heffner purchased 24,000 shares of common stock on the open market as treasury stock paying $45 per share. Heffner sold 6,000 of the treasury shares on September 30, 2021, for $47 per share. Net income for 2021 was $540,000. The income tax rate is 25%. Also outstanding at December 31, 2020, were...
The Earland Corporation purchased equipment at the beginning of 20x7 and capitalized a cost of $2,000,000....
The Earland Corporation purchased equipment at the beginning of 20x7 and capitalized a cost of $2,000,000. This cost included the following expenditures: Purchase price $1,850,000 Freight charges 30,000 Installation charges 20,000 Annual maintenance charge 100,000 Total=$2,000,000 The company equipment is being depreciated at a diminishing balance rate of 15% with no residual value. In 20x9, after the 20x8 financial statements were issued, the company decided to switch to the straight-line method of depreciation to reflect a change in the expected...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT