Trader Investments completed the following investment transactions during 2024: i(Click the icon to view the transactions.) Requirements 1. Journalize the entries for 2024. Explanations are not required. 2. What account(s) and amount(s), if any, would be reported on Trader's income statement for the year ended December 31, 20247 Requirement 1. Joumalize the entries for 2024. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 500 shares of Sysky stock, paying $57 per share. The investment represents 2% ownership in Sysky's voting stock. Trader does not have significant influence over Sysky. Trader intends to hold the investment for the indefinite future. Debit Credit Date Jan, 14 CECCOP Accounts Jan. 14 Purchased 500 shares of Sysky stock, paying $57 per share. The investment represents 2% ownership in Sysky's voting stock. Trader does not have significant influence over Sysky. Trader intends to hold the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.61 per share on the Sysky stock. Dec. 31 Adjusted the Sysky investment to its current market value of $58.
Trader Investments completed the following investment transactions during 2024: i(Click the icon to view the transactions.) Requirements 1. Journalize the entries for 2024. Explanations are not required. 2. What account(s) and amount(s), if any, would be reported on Trader's income statement for the year ended December 31, 20247 Requirement 1. Joumalize the entries for 2024. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 500 shares of Sysky stock, paying $57 per share. The investment represents 2% ownership in Sysky's voting stock. Trader does not have significant influence over Sysky. Trader intends to hold the investment for the indefinite future. Debit Credit Date Jan, 14 CECCOP Accounts Jan. 14 Purchased 500 shares of Sysky stock, paying $57 per share. The investment represents 2% ownership in Sysky's voting stock. Trader does not have significant influence over Sysky. Trader intends to hold the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.61 per share on the Sysky stock. Dec. 31 Adjusted the Sysky investment to its current market value of $58.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 2PA: Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The...
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Transcribed Image Text:Trader Investments completed the following investment transactions during 2024:
i(Click the icon to view the transactions.)
Requirements
1. Journalize the entries for 2024. Explanations are not required.
2. What account(s) and amount(s), if any, would be reported on Trader's income statement for the year ended December 31, 20247
Requirement 1. Joumalize the entries for 2024. Explanations are not required. (Record debits first, then credits. Exclude explanations from
journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.)
Jan. 14: Purchased 500 shares of Sysky stock, paying $57 per share. The investment represents 2% ownership in Sysky's voting stock.
Trader does not have significant influence over Sysky. Trader intends to hold the investment for the indefinite future.
Debit
Date
Jan, 14
Jan. 14
Aug. 22
Dec. 31
Accounts
Credit
Purchased 500 shares of Sysky stock, paying $57 per share. The investment
represents 2% ownership in Sysky's voting stock. Trader does not have
significant influence over Sysky. Trader intends to hold the investment for the
indefinite future.
Received a cash dividend of $0.61 per share on the Sysky stock.
Adjusted the Sysky investment to its current market value of $58.
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