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Presented below are two independent situations: (a) (b) Sheridan Inc. acquired 10% of the 417,000 shares of common stock of Schuberger Corporation at a total cost of $15 per share on June 17, 2022. On September 3, Schuberger declared and paid a $117,000 dividend. On December 31, Schuberger reported net income of $517,000 for the year. Pina Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 117,000 outstanding shares of common stock at a cost of $16 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $117,000. On December 31, Hunsaker reported net income of $217,000 for the year. Prepare all necessary journal entries for 2022 for (a) Sheridan and (b) Pina. (List all debit entries before credit entries. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem.)

Presented below are two independent situations: (a) (b) Sheridan Inc. acquired 10% of the 417,000 shares of common stock of Schuberger Corporation at a total cost of $15 per share on June 17, 2022. On September 3, Schuberger declared and paid a $117,000 dividend. On December 31, Schuberger reported net income of $517,000 for the year. Pina Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 117,000 outstanding shares of common stock at a cost of $16 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $117,000. On December 31, Hunsaker reported net income of $217,000 for the year. Prepare all necessary journal entries for 2022 for (a) Sheridan and (b) Pina. (List all debit entries before credit entries. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem.)

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 24E
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Presented below are two independent situations: (a) (b) Sheridan Inc. acquired 10% of the 417,000 shares of common stock of Schuberger Corporation at a total cost of $15 per share on June 17, 2022. On September 3, Schuberger declared and paid a $117,000 dividend. On December 31, Schuberger reported net income of $517,000 for the year. (a) Pina Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 117,000 outstanding shares of common stock at a cost of $16 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $117,000. On December 31, Hunsaker reported net income of $217,000 for the year. Prepare all necessary journal entries for 2022 for (a) Sheridan and (b) Pina. (List all debit entries before credit entries. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem.) Date June 17 V Account Titles and Explanation Stock Investments Cash Debit 625500 Credit 62550
Transcribed Image Text:Presented below are two independent situations: (a) (b) Sheridan Inc. acquired 10% of the 417,000 shares of common stock of Schuberger Corporation at a total cost of $15 per share on June 17, 2022. On September 3, Schuberger declared and paid a $117,000 dividend. On December 31, Schuberger reported net income of $517,000 for the year. (a) Pina Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker's 117,000 outstanding shares of common stock at a cost of $16 per share on January 1, 2022. On May 15, Hunsaker declared and paid a cash dividend of $117,000. On December 31, Hunsaker reported net income of $217,000 for the year. Prepare all necessary journal entries for 2022 for (a) Sheridan and (b) Pina. (List all debit entries before credit entries. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order presented in the problem.) Date June 17 V Account Titles and Explanation Stock Investments Cash Debit 625500 Credit 62550
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