Wilson corporation buys the following investments on January 10, 2019:1. 1,000 shares in Foxcom. total cost $15,0002. 500 shares in Lamb computer, total cost $6,000On April 10 2012 Wilson corporation sold 200 Foxcom shares for $2,800 total and 100 LambComputer shares for $1,300 total.Instructions1. Prepare the jourmal entry to record the purchase of Eoxcom shares2. Prepare the journal entry to record the purchase of Lamb Computer shares3. Prepare the journal entries for the sale of the Foxcom shares and the sale of the Lamb Computershares3. Indicate the amount that the remaining shares should be recorded in the balance sheet at December31, 2019, assuming the following:a. There were no further transactions during the months of May to December 2019.b. The year-end (December 31, 2019) market value of Eoxcom shares and Lamb Computershares had remained the same since January 10, 2019.

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1. Prepare the journal entry to record the purchase of Eoxcom shares 2. Prepare the journal entry to record the purchase of Lamb Computer shares 3. Prepare the joumal entries for the sale of the Foxcom shares and the sale of the Lamb Computer shares

1. Prepare the journal entry to record the purchase of Eoxcom shares 2. Prepare the journal entry to record the purchase of Lamb Computer shares 3. Prepare the joumal entries for the sale of the Foxcom shares and the sale of the Lamb Computer shares

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 12E

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