15 Feb Dragon Company purchased 350 shares of the 200,000 common shares of Monolith Company for $14,000 on January 1. On March 31, Monolith paid a dividend of $3.00 per share. On Decem
1) Dragon Company purchased 350 shares of the 200,000 common shares of Monolith Company for $14,000 on January 1. On March 31, Monolith paid a dividend of $3.00 per share. On December 31, the market value of the stock was $45.
Prepare the journal entries to record the three transactions on Dragon Company’s books.
January 1:
March 31:
December 31:
2) The Joinery Company purchased 4,200 of the 16,800 commons shares of Boylan Company for $66,000 on January 1. On June 30, Boylan paid a cash dividend of $1.25 per share. On December 31, Boylan earned $340,000 for the year. (Remember to record a pro rata portion of the investee’s income!)
a.) Prepare the journal entries to record the three entries on The Joinery Company’s books.
January 1:
June 30:
December 31:
b.) What is the value of The Joinery’s investment in Boylan Company at December 31?
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