Table 16-6
the Following Are Transactions in the Purchase and Sale

question 185

Essay

Table 16-6
The following are transactions in the purchase and sale of Epstein Ltd. shares by Monty Inc.
$$\begin{array} { l l } \text { January 15,2017 } & \text { Purchase 1,000 shares of Epstein at \$25.00 } \\\text { Febrary 10,2017 } & \text { Received \$1.00 dividend from Epstein } \\\text { December 31, 2017 } & \text { Epstein reported net income of \$10,000. } \\\text { December 31, 2017 } & \text { Market value of Epstein shares \$24.50. } \\\text { June 30, 2018 } & \text { Sold all shares of Epstein for \$26.50 per share }\end{array}$$ Record the journal entries for the above transactions for Monty Inc.
-Refer to Table 16-6.Assume that the investment in Epstein shares is classified as short-term investment by Monty and Monty has no significant influence over Epstein.

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