# Present entries to record the following selected transactions of Masterson Co. Aug. 1 Purchased 600 shares...

###### Question:

1. Present entries to record the following selected transactions of Masterson Co.

 Aug. 1 Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for$5,100. 1 Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted the equity method. Sept. 1 Received a cash dividend of$1 per share on the Dankin Corporation stock acquired on August 1. 1 Received a cash dividend of $2 per share on the Ramon Co. stock acquired on August 1. Dec. 31 Sold 100 shares of the Dankin Corporation shares acquired on August 1 for$2,100. 31 Dankin Corporation reported net income of $30,000 and Ramon Company’s reported net income was$50,000.

If an amount box does not require an entry, leave it blank.

 Aug. 1 Aug. 1 Sept. 1 Sept. 1 Dec. 31 Dec. 31

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