On January 1,2017,Rickson Corporation purchased 7,500 shares of AutoTech as a long-term investment for a total of $235,000.The 7,500 shares represent 30% of the outstanding (25,000)shares of AutoTech.Prepare the journal entries for Rickson to record the following transactions and events:
December 31, 2017: $\quad$AutoTech reported net income of $\$ 66,000$ for 2014 .
February 1, 2018: $\quad$$\quad$Sold 1,875 of the AutoTech shares for $\$ 34$ per share. In addition,
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\$ 1,350$ in fees and commissions were paid by Rickson on this sale.
November 1, 2018: $\quad$$\quad$Rickson received a $\$ 0.90$ per share cash dividend from AutoTech.
December 31, 2018: $\quad$$\quad$AutoTech reported net loss of $\$ 46,000$ for 2015 .

Question

On January 1,2017,Rickson Corporation purchased 7,500 shares of AutoTech as a long-term investment for a total of $235,000.The 7,500 shares represent 30% of the outstanding (25,000)shares of AutoTech.Prepare the journal entries for Rickson to record the following transactions and events:
 December 31, 2017: $\quad$AutoTech reported net income of $\$ 66,000$ for 2014 .
February 1, 2018: $\quad$$\quad$Sold 1,875 of the AutoTech shares for $\$ 34$ per share. In addition, 
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\$ 1,350$ in fees and commissions were paid by Rickson on this sale.
November 1, 2018: $\quad$$\quad$Rickson received a $\$ 0.90$ per share cash dividend from AutoTech.
December 31, 2018: $\quad$$\quad$AutoTech reported net loss of $\$ 46,000$ for 2015 .

Quizplus · Accepted Answer

The Answer of On January 1,2017,Rickson Corporation purchased 7,500 shares of AutoTech as a long-term investment for a total of $235,000.The 7,500 shares represent 30% of the outstanding (25,000)shares of AutoTech.Prepare the journal entries for Rickson to record the following transactions and events:
 December 31, 2017: $\quad$AutoTech reported net income of $\$ 66,000$ for 2014 .
February 1, 2018: $\quad$$\quad$Sold 1,875 of the AutoTech shares for $\$ 34$ per share. In addition, 
$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\$ 1,350$ in fees and commissions were paid by Rickson on this sale.
November 1, 2018: $\quad$$\quad$Rickson received a $\$ 0.90$ per share cash dividend from AutoTech.
December 31, 2018: $\quad$$\quad$AutoTech reported net loss of $\$ 46,000$ for 2015 .

On January 1,2017,Rickson Corporation Purchased 7,500 Shares of AutoTech as a Long-Term