On January 2, Ubuy.com paid $230,000 to percent the common acquire 25 (23,000 sh

Question

On January 2, Ubuy.com paid $230,000 to percent the common acquire 25 (23,000 shares) of stock of E- Net Corporation. The accounting period for both companies ends December 31. July 2 E-Net declared and paid a cash dividend of $4 per share. Dec. 31 E-Net reported net income of $330,000 Required: Indicate the effects (direction and amount) of the transactions listed above. (Enter any decreases to account balances with a minus sign.) ) of the transactions listed Balance Sheet Income Statement AssatsLsbiliters Roasnolcarm Stockholders Revenues Expenses Net Income Date Equity Jan. 2 Jul. 2 Dec. 31

Explanation / Answer

Balance sheet Income Statement Date Asset Liabilities Stockholders'equity Revenue   Expense Net Income Jan 2.             230,000           (230,000) Jul 2.               92,000             (92,000) Dec 31.               82,500                82,500               82,500

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