Required:
Prepare Dated Journal Entries for Ocean Enterprises for 2020

question 55

Essay

Required:
Prepare dated journal entries for Ocean Enterprises for 2020 to account for its investment in Zebrafish and any related income therefrom.
$\begin{array}{|l|r|}\hline \text { At January 1, 2019-purchase of } 15 \% & \$ 150,000 \\\hline 2019 \text { revaluation } & \underline{15,00} \\\hline \text { Balance-Dec. } 31,2019(15 \%) & \$ 165,000 \\\hline \text { Additional purchase (10\%)-January 1,2020 } & \underline{110,000} \\\hline \text { Balance (25\%) } & \$ 275,000 \\\hline \text { Revaluation on date of sale- }(25,000 \times \$ 12)-275,000 & \underline{25,000} \\\hline \text { Balance } & \$ 300,000 \\\hline \text { Tuly 1, 2020-Sale of } 12,500 \text { shares } & 150.000 \\\hline \text { Balance }(12.5 \%) & 150,000 \\\hline \text { 2020 revaluation }(12,500 \times \$ 12.50)-150,000 & \underline{6,250} \\\hline \text { Investment account balance-Dec. } 31,2020 & \$ 156,250 \\\hline\end{array}$

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Definitions:

King's Mountain

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Indigenous peoples of the Americas, including various tribes and nations, who lived on the continent before European colonization and have distinct cultures, languages, and histories.

Revolutionary Cause

Represents a movement or series of actions aiming for radical change in society's structure, often involving overthrowing a government or societal norms.

Revolution

A significant change, often political, brought about by force or through social movements, resulting in a new societal structure.