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Prepare Riley Company's journal entries to record the following transactions for the current year.   April   18   Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT. May   30   Receives $1.00 per share from XLT in dividends. Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT on April 18. Note: Enter debits before credits.

Prepare Riley Company's journal entries to record the following transactions for the current year.   April   18   Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT. May   30   Receives $1.00 per share from XLT in dividends. Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT on April 18. Note: Enter debits before credits.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.13E
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Prepare Riley Company's journal entries to record the following transactions for the current year.
 

April   18   Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT.
May   30   Receives $1.00 per share from XLT in dividends.

Purchases 410 common shares of XLT Co. as a short-term investment at a cost of $53 per share. With this stock investment, Riley has an insignificant influence over XLT on April 18.

Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
Apr 18      
       
       
       
       
       

Receives $1.00 per share from XLT in dividends on May 30.

Note: Enter debits before credits.
 
 
 
 
Date General Journal Debit Credit
May 30      
       
       
       
       
       
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