Prepare the Journal Entries for the Following Transactions for Morgan

question 108

Essay

Prepare the journal entries for the following transactions for Morgan Co.(a)Morgan Co. purchased 32,000 shares of the total of 100,000 outstanding shares of Gordon Corp. stock for $10 per share plus a $400 commission.(b)Gordon Corp.'s total earnings for the period are $80,000.(c)Gordon Corp. paid a total of $45,000 in cash dividends.

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Definitions:

Functional Fixedness

A thought pattern that restricts a person to the traditional utilization of an object, blocking pathways to creativity and the resolution of problems.

Heating Vent

An opening designed to direct the flow of heated air into a room as part of a heating, ventilation, and air conditioning (HVAC) system.

Juice Glass

A glass designed specifically for serving juice; typically smaller than other beverage glasses.

Sarcasm

Employing irony to ridicule or express disdain.