On January 3, 2017, Nancy Corporation purchased the following equity securities as an investment:
Required:
a. Prepare the journal entry to record the acquisition of the stock.
b. On June 30, 2017, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Nancy to record the dividend receipt.
c. On December 31, 2017, the market values per share were:

Prepare any journal entry necessary to record these changes in market value.
d. On March 14, 2017, Nancy sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.

Question

On January 3, 2017, Nancy Corporation purchased the following equity securities as an investment: 
 Required: 
a. Prepare the journal entry to record the acquisition of the stock.
b. On June 30, 2017, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Nancy to record the dividend receipt.
c. On December 31, 2017, the market values per share were:
  
Prepare any journal entry necessary to record these changes in market value. 
d. On March 14, 2017, Nancy sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.

Quizplus · Accepted Answer

The Answer of On January 3, 2017, Nancy Corporation purchased the following equity securities as an investment: 
 Required: 
a. Prepare the journal entry to record the acquisition of the stock.
b. On June 30, 2017, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Nancy to record the dividend receipt.
c. On December 31, 2017, the market values per share were:
  
Prepare any journal entry necessary to record these changes in market value. 
d. On March 14, 2017, Nancy sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.

On January 3, 2017, Nancy Corporation Purchased the Following Equity