Cosmos Corporation Had the Following Long-Term Investment Transactions Prepare the Journal Entries Cosmos Corporation Should Record for These

question 163

Essay

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

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