Cosmos Corporation Had the Following Long-Term Investment Transactions $\quad$ Purchased 5,000 Shares of Visual, Inc

question 68

Essay

Cosmos Corporation had the following long-term investment transactions.
Jan 2 $\quad$ Purchased 5,000 shares of Visual, Inc. for $\$ 42$ per share plus $\$ 7,000$ in fees
$\quad$$\quad$$\quad$ and commission. These shares represent a $35 \%$ ownership of Visual.
Oct 15 $\quad$ Received Visual, Inc. cash dividend of $\$ 2$ per share.
Dec 31 $\quad$ Visual reported a net loss of $\$ 66,000$ for the year. Prepare the journal entries Cosmos Corporation should record for these transactions and events.

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Definitions:

Practice Manager

An individual responsible for overseeing the daily operations of a medical practice, ensuring efficient function and compliance with healthcare regulations.

Labor Relations

The relationship and negotiations between employers and their employees, often involving unions.

Terminating

The act of bringing something to an end or conclusion, often used in the context of contracts, employment, or processes.

Practice Budget

The financial plan for the operation of a medical practice, outlining the expected revenues and expenditures.