On January 1,Chapin Corporation Purchased,as Long-Term Investments,10 Percent of the Voting

question 29

Essay

On January 1,Chapin Corporation purchased,as long-term investments,10 percent of the voting stock of Paxton Corporation for $75,000 and 25 percent of the voting stock of Colb Corporation for $150,000.During the year,Paxton Corporation had earnings of $40,000 and paid dividends of $15,000 on October 15,and Colb Corporation had earnings of $20,000 and paid dividends of $12,000 on November 10.The market value of neither investment declined nor rose during the year.Prepare journal entries without explanations to record this information as appropriate in Chapin Corporation's general journal.

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Definitions:

Glycerin

A simple polyol compound often used in pharmaceutical formulations, foods, and personal care products for its moisturizing and emollient properties.

Skeletal Muscle Fibers

Long, cylindrical cells that make up skeletal muscles, responsible for voluntary body movements.

A Band

The dark area in the sarcomere of a muscle fiber, consisting of thick myosin filaments alongside partially overlapping thin actin filaments.

Myofibril

A basic rod-like unit of a muscle cell, which is essential in the process of muscle contraction and made up of sarcomeres.