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| Problem 16-3AOn December 31, 2012, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.Common Stock Shares CostCarlene Co. 2,000 $60,000Riverdale Co. 5,000 45,000Raczynski Co. 1,500 30,000On December 31, 2012, the total fair value of the securities was equal to its cost. In 2013, the following transactions occurred.July 1 Received $1 per share semiannual cash dividend on Riverdale Co. common stock.Aug. 1 Received $0.50 per share cash dividend on Carlene Co. common stock.Sept. 1 Sold 1,500 shares of Riverdale Co. common stock for cash at $8 per share, less brokerage fees of $300.Oct. 1 Sold 800 shares of Carlene Co. common stock for cash at $33 per share, less brokerage fees of $500.Nov. 1 Received $1 per share cash dividend on Raczynski Co. common stock.Dec. 15 Received $0.50 per share cash dividend on Carlene Co. common stock.Dec. 31 Received $1 per share semiannual cash dividend on Riverdale Co. common stock.At December 31, the fair values per share of the common stocks were: Carlene Co. $32, Riverdale Co. $8, and Raczynski Co. $18. |
| (a)Journalize the 2013 transactions and post to the account Stock Investments. (Use the T-account form.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditJuly 1[removed][removed][removed] [removed][removed][removed]Aug. 1[removed][removed][removed] [removed][removed][removed]Sept. 1[removed][removed][removed] [removed][removed][removed] [removed][removed][removed]Oct. 1[removed][removed][removed] [removed][removed][removed] [removed][removed][removed]Nov. 1[removed][removed][removed] [removed][removed][removed]Dec. 15[removed][removed][removed] [removed][removed][removed]Dec. 31[removed][removed][removed] [removed][removed][removed]Stock Investments[removed][removed][removed][removed][removed][removed] |
