Prepare journal entries to record the above transactions

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Reference no: EM13950868

Listed below are a few events and transactions of Kash Company.

2011 Jan. 2 Purchased 80,000 shares of Bushtex Co. common stock for $544,000 cash plus a broker's fee of $3,400 cash. Bushtex has 160,000 shares of common stock outstanding and its policies will be significantly influenced by Kash.

Sept. 1 Bushtex declared and paid a cash dividend of $3.40 per share.

Dec. 31 Bushtex announced that net income for the year is $1,110,400.

2012 June 1 Bushtex declared and paid a cash dividend of $3.65 per share.

Dec. 31 Bushtex announced that net income for the year is $1,244,800.

Dec. 31 Kash sold 16,000 shares of Bushtex for $368,100 cash.

Prepare journal entries to record the above transactions and events of Kash Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the $ sign in your response.) 

Reference no: EM13950868

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