Present Entries to Record the Following Selected Transactions of Masterson $\$ 10$

question 8

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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