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Prepare the wage entries

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Reference no: EM132666178

ACCOUNTING PROBLEM:

Unruh Corporation conducted the following investment transactions during 2022:

  • January 1 Purchased 15% of Becker Company's 250,000 issued and outstanding common shares at a cost of $ 8.00 per share.
  • January 1 Purchased 30% of the 80,000 issued and outstanding shares of Wynn's Corporation at a cost of $ 22.00 per share. This gives you significant influence on Wynn's decisions.
  • June 1 Wynn Company declared and paid a Cash Dividend of $ 1.75 per share.
  • July 1 Becker Company declared and paid a Cash Dividend of $ 2.00 per share.
  • August 1 Sold 7,500 shares of Becquer Compay at $ 9 per share.
  • December 31 Becker reported a Net Income of $ 654,000.
  • December 31 Wynn Company reported a Net Income of $ 200,000
  • Becker shares are considered Trading Securities. Its market value as of December 31 was $ 10 per share.

Problem a) Prepare the wage entries. Include adjustment entries to bring Trading Securities to Fair Market Value.

Reference no: EM132666178

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