Accounting Question: ACCT 221

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Problem 16-3A On December 31, 2012, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. Common Stock   Shares   Cost Carlene Co.   2,000   $60,000 Riverdale Co.   5,000   45,000 Raczynski Co.   1,500   30,000 On December 31, 2012, the total fair value of the securities was equal to its cost. In 2013, the following transactions occurred. July 1   Received $1 per share semiannual cash dividend on Riverdale Co. common stock. Aug. 1   Received $0.50 per share cash dividend on Carlene Co. common stock. Sept. 1   Sold 1,500 shares of Riverdale Co. common stock for cash at $8 per share, less brokerage fees of $300. Oct. 1   Sold 800 shares of Carlene Co. common stock for cash at $33 per share, less brokerage fees of $500. Nov. 1   Received $1 per share cash dividend on Raczynski Co. common stock. Dec. 15   Received $0.50 per share cash dividend on Carlene Co. common stock. Dec. 31   Received $1 per share semiannual cash dividend on Riverdale Co. common stock. At December 31, the fair values per share of the common stocks were: Carlene Co. $32, Riverdale Co. $8, and Raczynski Co. $18.

(a) Journalize the 2013 transactions and post to the account Stock Investments. (Use the T-account form.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 [removed] [removed] [removed]   [removed] [removed] [removed] Aug. 1 [removed] [removed] [removed]   [removed] [removed] [removed] Sept. 1 [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed] Oct. 1 [removed] [removed] [removed]   [removed] [removed] [removed]   [removed] [removed] [removed] Nov. 1 [removed] [removed] [removed]   [removed] [removed] [removed] Dec. 15 [removed] [removed] [removed]   [removed] [removed] [removed] Dec. 31 [removed] [removed] [removed]   [removed] [removed] [removed] Stock Investments [removed] [removed] [removed] [removed] [removed] [removed]

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