Cosmos Corporation had the following long-term investment transactions.
Jan 2 Purchased 5,000 shares of Visual, Inc. for $42 per share plus $7,000 in fees and commission. These shares represent a 35% ownership of Visual.
Oct 15 Received Visual, Inc. cash dividend of $2 per share. Dec 31 Visual reported a net loss of $66,000 for the year.
Prepare the journal entries Cosmos Corporation should record for these transactions and events.

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The Answer of Cosmos Corporation had the following long-term investment transactions.
Jan 2 Purchased 5,000 shares of Visual, Inc. for $42 per share plus $7,000 in fees and commission. These shares represent a 35% ownership of Visual.
Oct 15 Received Visual, Inc. cash dividend of $2 per share. Dec 31 Visual reported a net loss of $66,000 for the year.
Prepare the journal entries Cosmos Corporation should record for these transactions and events.

Cosmos Corporation Had the Following Long-Term Investment Transactions