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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Definitions:

Ethical Absolutism

The belief in fixed, universal principles of morality that apply to all cultures and individuals regardless of context or circumstances.

Eternal Law

In philosophical and theological doctrine, the unchangeable truth or divine wisdom that governs the universe and is the foundation for all temporal laws.

Moral Universals

Ethical standards and principles that are considered to apply to all humans regardless of culture, race, sex, religion, or nationality.

Ethical Absolutism

The belief in absolute standards against which moral questions can be judged, irrespective of the context or situation.