Leon Inc.needs to account for investment transactions during 2017:
Jan. 15 Purchased 100 Bright Corporation common shares, paying $ \$ 75 $ per share.
Leon Inc, intends to hold the investment for an indefinite period and
has classified the investment as long-term investments. (No significant influence)

Jun. 30 Received a cash dividend of $ \$ 1.50 $ per share on the Bright Corporation common shares.
Dec. 31 In spite of management's long-term intentions, Leon sold the Bright Corporation common shares for $ \$ 7,260 $.
Prepare journal entries for the above transactions.

Question

Leon Inc.needs to account for investment transactions during 2017:
 Jan. 15 Purchased 100 Bright Corporation common shares, paying $ \$ 75 $ per share.
Leon Inc, intends to hold the investment for an indefinite period and
has classified the investment as long-term investments. (No significant influence)

Jun. 30 Received a cash dividend of $ \$ 1.50 $ per share on the Bright Corporation common shares.
Dec. 31 In spite of management's long-term intentions, Leon sold the Bright Corporation common shares for $ \$ 7,260 $.
 Prepare journal entries for the above transactions.

Quizplus · Accepted Answer

The Answer of Leon Inc.needs to account for investment transactions during 2017:
 Jan. 15 Purchased 100 Bright Corporation common shares, paying $ \$ 75 $ per share.
Leon Inc, intends to hold the investment for an indefinite period and
has classified the investment as long-term investments. (No significant influence)

Jun. 30 Received a cash dividend of $ \$ 1.50 $ per share on the Bright Corporation common shares.
Dec. 31 In spite of management's long-term intentions, Leon sold the Bright Corporation common shares for $ \$ 7,260 $.
 Prepare journal entries for the above transactions.

Leon IncNeeds to Account for Investment Transactions During 2017: Jan

Leon IncNeeds to Account for Investment Transactions During 2017:
Jan