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Unformatted text preview: On February 15, Seacroft buys 7,600 shares of Kebo common stock at $ 28.59 per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. On March 15, Kebo declares a dividend of $1.21 per share payable to stockholders of record on April 15. Seacroft received the dividend on April 25 and ultimately sells half of the Kebo stock on November 17 of the current year for $29.36 per share less a brokerage fee of $250. The journal entry to record the dividend on April 25 is: Debit Cash $8,402; credit Interest Revenue $8,402. Debit Cash $9,196; credit Interest Revenue $9,196. Debit Cash $9,196; credit Dividend Revenue $9,196. Debit Cash $8,402; credit Dividend Revenue $8,402. Debit Cash $9,196; credit Gain on Sale of Investments $9,196. Doherty Corporation had net income of $35,750, net sales of $750,000, and average total assets of $650,000. Its return on total assets is: 18.2% 4.8% 115.4% 1.9% 5.5% Micron owns 40% of Martok. Martok pays a total of $54,500 in cash dividends for the period. Micron's Micron owns 40% of Martok....
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This note was uploaded on 03/06/2012 for the course ADVANCED A 4110 taught by Professor Fridel during the Spring '11 term at University of Minnesota Duluth.
- Spring '11