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(solution) (30 points) Johnson Inc. had the following transactions for


(30 points) Johnson Inc. had the following transactions for January:  

1.  Purchased marketable securities in Smith Company for $100,000 cash.

2.  Purchased 1,000 shares of Parker Co. for $55,000 as a long term investment.  Parker has 10,000 outstanding shares issued and outstanding).

3.  Purchased 10,000 shares of Drew Co. for $176,000 as a long term investment. Drew had 40,000 shares issued and outstanding. 

 

Johnson Inc. received the following dividends: 

4.  $1.50 per share from Parker Co.

5.  $3.00 per share from Drew Co.

 

Additional transactions include:

6.  Parker Co. reported a net income of $127,000, and Drew Co. reported a net income of $600,000.

7.  After dividends were received, we sold the 1,000 shares of Parker Co. for $60,000 cash.  

 

Instructions: Prepare the journal entries to record the above transactions. Remember to use the space bar to indent the credits. Number the journal entries as indicated above.  



Johnson Inc. had the following transactions for January: 1. Purchased marketable securities in Smith Company for $100,000 cash.

 

2. Purchased 1,000 shares of Parker Co. for $55,000 as a long term...

 


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