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Home Q & A Board Other Fields Homework Help Business Accounting
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Harrison Harrison
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6 years ago
Olive Corporation purchases Branch Inc shares on June 21 for $220,000. On October 1 Olive receives a cash dividend of $2,500 from Branch Inc. On December 31st the value of Olive Corporation's investment in Branch has decreased in value to $210,000.

Prepare journal entries needed on June 21, October 1, and December 31, 2014.
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
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#1
6 years ago
Jun. 21   Short-Term Investment —Branch    220,000
        Cash      220,000

Oct. 1   Cash   2,500
        Dividend Revenue        2,500

Dec. 31   Unrealized loss on Investments   10,000
      Short Term Investments       10,000
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