REFERENCE: Ref.01_10
On January 3,2008,Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation,paying $1,500,000.There was no goodwill or other cost allocation associated with the investment.Roberts has significant influence over Thomas.During 2008,Thomas reported income of $300,000 and paid dividends of $100,000.On January 4,2009,Roberts sold 15,000 shares for $800,000.
-What is the appropriate journal entry to record the sale of the 15,000 shares?
A) A Above.
B) B Above.
C) C Above.
D) D Above.
E) E Above.
Correct Answer:
Verified
Q42: What is the gain/loss on the sale
Q43: REFERENCE: Ref.01_08
On January 4,2007,Harley,Inc.acquired 40% of the
Q44: REFERENCE: Ref.01_07
On January 1,2007,Mehan,Incorporated purchased 15,000 shares
Q45: REFERENCE: Ref.01_09
On January 1,2008,Anderson Company purchased 40%
Q46: REFERENCE: Ref.01_07
On January 1,2007,Mehan,Incorporated purchased 15,000 shares
Q47: REFERENCE: Ref.01_08
On January 4,2007,Harley,Inc.acquired 40% of the
Q47: What was the balance in the investment
Q49: REFERENCE: Ref.01_06
Clancy Incorporated,sold $210,000 of its inventory
Q50: REFERENCE: Ref.01_08
On January 4,2007,Harley,Inc.acquired 40% of the
Q52: REFERENCE: Ref.01_07
On January 1,2007,Mehan,Incorporated purchased 15,000 shares
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