preferred shareholders will receive 1/10th of what the common
shareholders will receive.
preferred shareholders will receive the entire $60,000.
preferred shareholders will receive $30,000 and the common
shareholders will receive $30,000.
===================================================
ACC 557 Week 8 Chapter 12 (E12-7, E12-8, E12-12, P12-2A)
FOR MORE CLASSES VISIT
www.acc557tutor.com
ACC 55 7 Week 8 Chapter 12 (E12-7, E12-8, E12-12, P12-2A)
E12-7: On January 1, Vince Corporation purchased a 25% equity in
Morelli Corporation for $180,000. At December 31, Morelli declared
and paid a $60,000 cash dividend and reported net income of
$200,000. ............
a)
Journalize the transactions. ............
b) Determine the amount to be reported as an investment in Morelli
stock at December 31. ............
E12-8: Presented below are two independent situations. ............
Prepare all the necessary journal entries for 2014 for (a) Chicory
Cosmetics and (b) Frank, Inc. ............
E12-12: Zippydah Company has the following data at December 31,
2014.
The non-trading securities are held as a long-term investment. ............