Record each of the following transactions and events of Hertz Note: Round to nearest whole dollar. Year 1 January 1 Acquired 75,000 shares of Thrifty common stock for $481,000 cash. Thrifty has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Hertz. August 31 Thrifty declared and paid a cash dividend of $2.28 per share. December 31 Thrifty reported net income for the year of $497,400. Year 2 August 31 Thrifty declared and paid a cash dividend of $.70 per share. December 31 Thrifty reported net incone for the year of $717,900. December 31 Hertz sold 13,000 shares of Thrifty for $100,000 cash.
Record each of the following transactions and events of Hertz Note: Round to nearest whole dollar. Year 1 January 1 Acquired 75,000 shares of Thrifty common stock for $481,000 cash. Thrifty has 300,000 shares of common stock outstanding, and its activities will be significantly influenced by Hertz. August 31 Thrifty declared and paid a cash dividend of $2.28 per share. December 31 Thrifty reported net income for the year of $497,400. Year 2 August 31 Thrifty declared and paid a cash dividend of $.70 per share. December 31 Thrifty reported net incone for the year of $717,900. December 31 Hertz sold 13,000 shares of Thrifty for $100,000 cash.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 8SPA
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