On January 31,2018,McBurger Corporation purchased the following shares of voting common stock as long-term investments.None of these holdings amounted to more than 5% of the respective company's outstanding voting shares.The accounting period ends December 31.
All of the Bailey Corporation stock was sold for $13,500 on January 12,2020.
Prepare the required journal entries at the following dates: January 31,2018,December 31,2018,December 31,2019 and January 12,2020.

Question

On January 31,2018,McBurger Corporation purchased the following shares of voting common stock as long-term investments.None of these holdings amounted to more than 5% of the respective company's outstanding voting shares.The accounting period ends December 31.
  All of the Bailey Corporation stock was sold for $13,500 on January 12,2020.
Prepare the required journal entries at the following dates: January 31,2018,December 31,2018,December 31,2019 and January 12,2020.

Quizplus · Accepted Answer

The Answer of On January 31,2018,McBurger Corporation purchased the following shares of voting common stock as long-term investments.None of these holdings amounted to more than 5% of the respective company's outstanding voting shares.The accounting period ends December 31.
  All of the Bailey Corporation stock was sold for $13,500 on January 12,2020.
Prepare the required journal entries at the following dates: January 31,2018,December 31,2018,December 31,2019 and January 12,2020.

On January 31,2018,McBurger Corporation Purchased the Following Shares of Voting