Accounting Homework Help
Paris Company acquired on July 15, 2018, 400 shares of Rome Company $720 par value capital stock at $698.40 per
Paris Company acquired on July 15, 2018, 400 shares of Rome Company $720 par value capital stock at $698.40 per
share plus a broker’s commission of $1,728. On August 1, 2018, Paris Company received a cash dividend of $8.64 per share. On November 3, 2018, it sold 200 of these shares at $756 per share less a broker’s commission of $1,152. On December 1, 2018, Rome Company issued shares comprising a 100% stock dividend declared on its capital stock on November 18.
On December 31, 2018, the end of Paris Company’s calendar-year accounting period, the market quotation for Rome Company’s common stock was $331.20 per share. The investment was thought to be short-term.
How do I prepare journal entries to record all of these data. Where should the accounts in the last entry appear in the financial statements?
