Grouper Co. had purchased 190 shares of Washington Co. for $43 each this year (Oregon Co. does not have significant influence). Grouper Co. sold 95 shares of Washington Co. stock for $48 each. At year-end, the price per share of the Washington Co. stock had dropped to $37. Prepare the journal entries for these transactions and any year-end adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the acco

Q: East Co. issued 1,000 shares of its $5 par common stock to Howe as compensation for 1,000 hours of…

A: Journal entries (JE) refers to the entries that records the events which incurred during the course…

Q: Hardstone Inc. had excess cash and invested it in the stock of Softrock, Inc. On August 5, 2021…

A: The excess cash available with the firm can be invested in financial assets for a short-term period…

Q: In January 2019, Janeway AG doubled the amount of its outstanding shares by selling an additional…

A:

Q: On November 17, Tasty Foods purchased 1,000 shares (10%) of Eco-Safe Packaging's voting stock for…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: On January 1, 2021, Knight Corporation purchases all the outstanding shares of Craig Company for…

A: Since there are many requirements, we answer only three requirement as per our guidelines, if you…

Q: During the most recent year, Quinn Co. bought 2,800 shares of Germana-Hall Corporationcommon stock…

A: Since Quinn co does not own more than 10% of outstanding stock of any company, the investments are…

Q: Niles Company granted 9 million of its no par common shares to executives, subject to forfeiture if…

A: Total compensation cost = Fair market value of share x No. of share awarded…

Q: ,500,000 of

A: Income Statement: The requirement is to compute the total adjustment amount of events. The loss due…

Q: On December 29, Adams Apples purchased 1,000 shares of General Electric common stock for $19,000 and…

A: As investment place in active trading account for immediate resale, therefore appropriate reporting…

Q: Pasta House Inc. was organized in January 2019. During the year, the transactions belowoccurred:a.…

A: A journal entry is an accounting entry that is used to record a commercial transaction in the…

Q: In January 2021, Janeway Inc. doubled the amount of its outstanding stock by selling on the market…

A: Common stock: Common stock is the instrument used by the company for raising funds from the general…

Q: Wade Corp. has 150,000 shares of common stock outstanding. In 2020, the company reports income from…

A: Income Statement refers to the financial statement showing the gains and losses during given period…

Q: Hawkins Company has owned 10 percent of Larker, Inc., for the past several years. This ownership did…

A: Equity method: Equity method is the method used for accounting equity investments which claim a…

Q: Smart Corporation owes a trade creditor $ 30,000 on open account which the corporation does not have…

A: Creditors are those accounts from whom business has made credit purchases on account.

Q: On July 7, Splish Ltd. purchased 1,100 common shares in a privately-owned company named TWR Ltd. As…

A: Journal entries refer to the process of systematically documenting the financial transactions of a…

Q: Niles Company granted 9 million of its no par common shares to executives, subject to forfeiture if…

A:

Q: PHN Foods granted 18 million of its no par common shares to executives, subject to forfeiture if…

A: 1.

Q: On 1 January 2020  Harleen Inc purchased 1,275 ordinary shares in Shresta Inc , paying £5,300 by…

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for…

Q: Oregon Co. had purchased 200 shares of Washington Co. for $40 each this year (Oregon Co. does not…

A: Investments: Companies invest in stocks and bonds of other companies or governmental entity to…

Q: On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240…

A: At the time of purchase of investment, the brokerage on purchase becomes the cost of investment and…

Q: Sage Corporation purchased 400 shares of Sherman Inc. common stock for $12,900 (Sage does not have…

A: SOLUTION- 1                                                JOURNAL ENTRIES   DATE PARTICULARS…

Q: PHN Foods granted 18 million of its no par common shares to executives, subject to forfeiture if…

A: Given the following information: PHN Foods granted 18 million of its no par common shares to…

Q: Niles Company granted 9 million of its no par common shares to executives, subject to forfeiture if…

A:

Q: . During the year 2019, Jack company acquired 11,000 ordinary shares of Jill Company for P231,000…

A: Unrealized loss: It implies to a fall or decrease in the fixed asset's value or investment that is…

Q: On January 1, 2020, Pharoah Corporation purchased 40% of the common shares of Novak Company for…

A: Given that, Pharoah Corporation purchased 40% of the common shares of Novak Company for $201,000…

Q: On January 1, 2002, Toto Company paid ₱500,000 for 20,000 shares of Egay Company’s ordinary shares…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: On January 1, 2019, Lion Company paid $600,000 for 10,000 shares of Wolf Compan's voting common…

A: To find the following as, 1. Dividend income, unrealized gain or loss and carry value. 2. Investment…

Q: Jayhawk Company reports current E&P of $452,500 and a deficit in accumulated E&P at the beginning of…

A: Dividend to Christine = Amount distributed out of Current E&P Tax basis in Stock = Current Tax…

Q: Landry owns 50 of 250 outstanding shares of Kelly Manufacturing corporation. How many of Landry’s…

A: Redemption of stocks is a process of acquisition of a company's stock from the stockholders by the…

Q: Monty Corporation purchased 430 common shares of Ditch Inc. for $12,900 on February 21. Monty paid a…

A:

Q: In January, Arbor Corporation, a paper company with annual sales of more than $2 billion and assets…

A: It is said that shareholders are owners of the company. It is therefore quite evident that the…

Q: Slytherin Services, Inc. granted 8 million of its $1 par common shares to executives subject to…

A: Given data: Number of shares granted to executives = 8 million Par value of share = $1 Market price…

Q: Camille, Inc., sold $130,000 in inventory to Eckerle Company during 2020 for $250,000. Eckerle…

A: The equity method is used to record the profit earned through its investment in another business.…

Q: Marigold Corporation purchased 440 shares of Sherman Inc. common stock for $14,400 (Marigold does…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Concord Co. purchased 1,150 shares of Sugarland Company for $18 each this year and classified the…

A: Solution: Journal entries to record transaction of concord co is as under:

Q: On January 1, 2019, Penn Incorporated paid $350,000 for 70% of Sylvania Company's outstanding…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Wildhorse Corp. has  150,620 shares of common stock outstanding. In 2020, the company reports income…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Niles Company granted 42 million of its no par common shares to executives, subject to forfeiture if…

A:

Q: On January 1, 2020, Waterway Corporation purchased 40% of the common shares of Wildhorse Company for…

A: Solution:   Journal Entries S. no. Account title and explanation Debit Credit 1) Investment…

Q: Windsor Corp. has 149,520 shares of common stock outstanding. In 2020, the company reports income…

A: Earnings per share (EPS) refers to the amount of earnings given to the shareholders for holding one…

Q: On January 1, 2020, Ayayai Corporation purchased 20% of the common shares of Pina Company for…

A: Share in dividend = total dividend paid x 20% = 17750*20% = $3550

Q: Raymund Lipstix Co. owns 80% of PH Care, Inc. During the year, PH Care, Inc. filed for bankruptcy…

A: The correct option with proper explanation are as follows

Q: Peaceful Enterprises financial statements for the year ended December 31, 2021 are authorized for…

A: Adjustment entries after reporting period According IFRS there must some guidelines which are issued…

Q: On January 1, 2013, an investor purchases 15,000 common shares of an investee at $9 (cash) per…

A: Non-controlling interest is a minority interest, with an ownership position in which a company holds…

Q: During the current year, Davis Company’s common stock suffers a permanent drop in market value. In…

A: Equity method: Equity method is the accounting method used for accounting equity investments which…

Q: Tamarisk Corporation purchased 380 shares of Sherman Inc. common stock for $13,300 (Tamarisk does…

A: When investment is made in a company on which business does not have significant influence that…

Q: Peaceful Enterprises financial statements for the year ended December 31, 2021 are authorized for…

A: Adjusting events are those events that occurs after reporting date ( i.e. balance sheet date ) but…

Q: In September, the company entered the following transactions:   Sept. 1 Issued common shares to…

A: Financial Statement:   Financial statement consists of financial report and company’s financial…