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Prepare necessary journal entries on the books of Tomlin

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Question - On January 2, 2017, Tomlin Company purchased 1,000 shares of Joel Company common stock for $35,000. The stock has a par value of $10 and is part of the total stock outstanding of 20,000 shares of Joel Company. Total stockholders' equity of Joel Company on January 2, 2017 was $600,000.

Required - Prepare necessary journal entries in accordance with generally accepted accounting principles on the books of Tomlin Company for the following transactions.

(a) January 2, 2017: Tomlin purchases the shares described above.

(b) December 31, 2017: Tomlin receives an $.75 per share dividend from Joel, and Joel announces a net income for 2017 of $250,000.

(c) December 31, 2017: According to Yahoo Finance, Joel common is selling for $30 per share.

(d) February 15, 2018: Tomlin sells 500 of the shares purchased on January 2, 2017 at $36 per share.

Reference no: EM132540124

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