The Following Transactions and Information Pertain to Yates Corporation for 2009

question 108

Essay

The following transactions and information pertain to Yates Corporation for 2009 and 2010.
2009
May 1 Purchased 3,000 shares of Templin Corporation common stock at $\$ 32$ per share representing 2 percent of Templin's total outstanding stock) as a long-term investment.

Sept. 1 Received a cash dividend from Templin equal to $\$ 1.40$ per share.
Dec. 31 Market value of Templin stock at year end was $\$ 24$ per share.

2010
Sept. 1 Received a cash dividend from Templin equal to $\$ 1.40$ per share.
Nov. 1 Sold 300 shares of Templin at $\$ 26$ per share.
Dec. 31 Market value of Templin stock at year end was $\$ 22$ per share.
Prepare entries in journal form,without explanations,to record the above.Yates's accounting year ends December 31.

---

Definitions:

Kondratiev's Argument

Refers to the theory proposed by Nikolai Kondratiev about long-term economic cycles of boom and bust, lasting approximately 50 to 60 years.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, indicating improvements in living standards and economic health.

Genetic Pollution

Genetic pollution is the controversial term for uncontrolled gene flow into wild populations, often from genetically modified organisms to natural species, potentially threatening biodiversity.

High Tech

Technology that is at the cutting edge; the most advanced technology available.