Ultra Cosmetics Acquired 10% of the 200,000 Shares of Common

question 48

Essay

Ultra Cosmetics acquired 10% of the 200,000 shares of common stock of Kardashian Fashion at a total cost of $14 per share on March 18, 2014. On June 30 Kardashian declared and paid a $96,000 dividend. On December 31 Kardashian reported net income of $244,000 for the year. At December 31 the market price of Kardashian Fashion was $16 per share. The stock is classified as available-for-sale.
Instructions
Prepare all the necessary entries for 2014 for Ultra Cosmetics.

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Definitions:

Secretarial Skills

Refers to the abilities and competencies required for proficient performance in secretarial and administrative tasks, including typing, organization, communication, and office management.

Seamstresses

Women who sew and make clothing as a profession or hobby, often employing detailed craftsmanship in garment making.

Family Planning

The practice of controlling the number and spacing of children in a family through the use of contraception or other methods of birth control.

Distribution of Wealth

The way in which the wealth of a country or community is divided among its citizens, often highlighting issues of economic equality or inequality.