Present Entries to Record the Following Selected Transactions of Masterson

question 41

Essay

Present entries to record the following selected transactions of Masterson Co.(a)Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin Corporation for $5,100.(b)Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700. The investment was accounted for by the equity method.(c)Received a cash dividend of $1 per share on the Dankin Corporation stock acquired in (a).(d)Received a cash dividend of $2 per share on the Ramon Co. stock acquired in (b).(e)Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2,100.(f)Dankin Corporation reported net income of $30,000 and Ramon Company's reported net income was $50,000.

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Definitions:

Proposition

An observation that suggests a judgment or opinion.

Threat

A statement or action indicating the intention to cause harm or danger to someone or something.

Appeal to Emotion

A logical fallacy that uses the manipulation of emotions rather than valid reasoning to persuade.

Fallacy

A misleading or incorrect argument or reasoning, especially one based on unsound principles or logic.