2017 Jan. 14 Purchased 18,000 shares of Queen’s Inc. common shares for $156,900. Queen’s has 90,000...

2017

Jan. 14 Purchased 18,000 shares of Queen’s Inc. common shares for $156,900. Queen’s has 90,000 common shares outstanding and has acknowledged the fact that its policies will be significantly influenced by Toronto.

Oct. 1 Queen’s declared and paid a cash dividend of $2.60 per share.

Dec. 31 Queen’s announced that profit for the year amounted to $650,000.

2018

April 1 Queen’s declared and paid a cash dividend of $2.70 per share.

Dec. 31 Queen’s announced that profit for the year amounted to $733,100.

31 Toronto sold 6,000 shares of Queen’s for $104,320.

Required:

Prepare general journal entries to record each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round per share calculations to 2 decimal places.)

Expert Solution

ekkarill92 answered 1 year ago

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