Do It! Review 12-2Presented below are two independent situations.docx - Do It Review 12-2 Presented below are two independent situations Prepare all

Do It! Review 12-2Presented below are two independent situations.docx

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Do It! Review 12-2 Presented below are two independent situations: Prepare all necessary journal entries for 2015 for (a) Edelman and (b) Wen. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit1.Edelman Inc. acquired 10% of the 500,000 shares of common stock of Schuberger Corporation at a total cost of $11 per share on
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Unformatted text preview: June 17, 2015. On September 3, Schuberger declared and paid a $160,000 dividend. On December 31, Schuberger reported net income of $550,000 for the year.2.Wen Corporation obtained significant influence over Hunsaker Company by buying 30% of Hunsaker s 100,000 � outstanding shares of common stock at a cost of $18 per share on January 1, 2015. On May 15, Hunsaker declared and paid a cash dividend of $150,000. On December 31, Hunsaker reported net income of $270,000 for the year....
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