1 answer

Thank you!! Trader Investments completed the following transactions during 2018: Click the icon to view the...

Question:

thank you!!
Trader Investments completed the following transactions during 2018: Click the icon to view the transactions) Requirements 1.
Dec. 31: Microscape reported net income of $300,000 for the year ended 2018 Date Accounts Debit Credit Dec. 31 Requirement 2.
Complete the partial income statement for the year ended December 31, 2018 as it relates to Traders Microscape investment (U
More Info Jan. 14 Purchased 200 shares of Microscape stock, paying $52 per share. The investment represents 40% ownership in
Trader Investments completed the following transactions during 2018: Click the icon to view the transactions) Requirements 1. Joumalize Trader's transactions. Explanations are not required 2. Classity and prepare partial financial statements for Trader's 40% Microscape investment for the year ended December 31, 2018 Requirement 1. Journalize Trader's transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from joumal entries. If no entry is required, select "No entry required on the first line of the Accounts column and leave the remaining cells blank.) Jan. 14: Purchased 200 shares of Microscape stock, paying 552 per share. The investment represents 40% ownership in Microscape's voting stock and Trader has significant influence over Microscape. Trader intends to hold the investment for the indefinite future. Accounts Debit Credit Jan 14 Aug 22: Received a cash dividend of $0.42 per share on the Microscape stock. Date Accounts Debit Credit Aug. 22 Dec. 31: Microscape's current market value is $51 per share. Date Accounts Dec. 31
Dec. 31: Microscape reported net income of $300,000 for the year ended 2018 Date Accounts Debit Credit Dec. 31 Requirement 2. Classify and prepare partial financial statements for Trader's 40% Microscape investment for the year ended December 31, 2018 Begin by showing the account and amount of any assets that would appear on Trader's balance sheet as it relates to the Microscape investment at December 31, 2018. (If a box is not used in the financial statement, leave the box empty, do not select a label or enter a zero.) Trader Investments Balance Sheet (Partial) December 31, 2018 Current Assets Long-term Assets Stockholders' Equity Accumulated Other Comprehensive Income
Complete the partial income statement for the year ended December 31, 2018 as it relates to Trader's Microscape investment (Use a minus sign or parentheses to enter a loss. If a box is not used in the financial statement, leave the box empty, do not select a label or enter a zero) Trader Investments Income Statement (Partial) For the Year Ended December 31, 2018 Other Income and (Expenses)
More Info Jan. 14 Purchased 200 shares of Microscape stock, paying $52 per share. The investment represents 40% ownership in Microscape's voting stock and Trader has significant influence over Microscape. Trader intends to hold the investment for the indefinite future. Aug. 22 Received a cash dividend of $0.42 per share on the Microscape stock. Dec. 31 Microscape's current market value is $51 per share. 31 Microscape reported net income of $300,000 for the year ended 2018. Print Done

Answers

Joural Entry
Date Account Tittle Debit Credit
14-Jan Investment in Microscape ( 200X 52) $10,400.00
Cash $10,400.00
Record acquistion of Share
22-Aug Cash ($0.42 X 200) $84.00
Investment in Microscape $84.00
Record Dividend Received
Investment in Microscape $120,000.00
Investment Revenue (300000X 40%) $120,000.00
Share in Revenue
Trader Investment
Balance Sheet
Current Asset
Long term Asset
Investment in Microscape (10400+120000-84) 130484
Trader investment
Income Statement (Partial)
For the Year Ended December 31, 2018
Other Income and (Expenses)
Investment income 120000
.

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