FULLSCREEN: PRINTER VERSION | | BACK NEXT RCES Exercise 16 7 On January 1, Zabel

Question

FULLSCREEN: PRINTER VERSION | | BACK NEXT RCES Exercise 16 7 On January 1, Zabel Corporation purchased a 25% equity in Helbert Corporation for $185,000. At December 31, Helbert declared and paid a $45,900 cash dividend and reported net income of $175,500. | rd Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) or Date Account Titles and Explanation Debit Credit (To record dividends received) To record equity in Helbert Corporation's net income) SHOW LIST OF ACCOUNTS LINK TO TEXT Version 4 24 214

Explanation / Answer

(a)

(b)

Date Account titles and explanation Debit Credit Jan. 1 Stock Investments $185,000 Cash $185,000 Dec. 31 Cash($45,900 × 25%) $11,475 Stock investments $11,475 Dec. 31 Stock investments $43,875 Revenue from Stock Investments($175,500 × 25%) $43,875

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