Early in its 2023 fiscal year (December 31 year end). Whispering Winds Company purchased 10,700 Kenyon Corporation common shares for $26.18 per share, plus $1.800 in brokerage commissions. These securities were accounted for at FV-OCI (with no recycling). and transaction costs were capitalized. In September, Kenyon declared and paid a dividend of $1.02 per share, and on December 31, 2023, the fair value of these shares was $290,505. On April 13, 2024, Whispering Winds sold all the Kenyon shares at a price of $28.10 each, incurring $1.925 in brokerage commissions on the sale. (a) Prepare the entry to record the purchase of the Kenyon shares. (Credit account titles are automatically indented when the 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. List debit entry before credit entry) Account Titles and Explanation Debit Credit
Early in its 2023 fiscal year (December 31 year end). Whispering Winds Company purchased 10,700 Kenyon Corporation common shares for $26.18 per share, plus $1.800 in brokerage commissions. These securities were accounted for at FV-OCI (with no recycling). and transaction costs were capitalized. In September, Kenyon declared and paid a dividend of $1.02 per share, and on December 31, 2023, the fair value of these shares was $290,505. On April 13, 2024, Whispering Winds sold all the Kenyon shares at a price of $28.10 each, incurring $1.925 in brokerage commissions on the sale. (a) Prepare the entry to record the purchase of the Kenyon shares. (Credit account titles are automatically indented when the 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. List debit entry before credit entry) Account Titles and Explanation Debit Credit
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 28E
Related questions
Question
![Early in its 2023 fiscal year (December 31 year end). Whispering Winds Company purchased 10,700 Kenyon Corporation common
shares for $26.18 per share, plus $1,800 in brokerage commissions. These securities were accounted for at FV-OCI (with no recycling).
and transaction costs were capitalized. In September, Kenyon declared and paid a dividend of $1.02 per share, and on December 31.
2023, the fair value of these shares was $290,505. On April 13, 2024, Whispering Winds sold all the Kenyon shares at a price of
$28.10 each, incurring $1.925 in brokerage commissions on the sale.
(a)
Prepare the entry to record the purchase of the Kenyon shares. (Credit account titles are automatically indented when the 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. List debit entry
before credit entry)
Account Titles and Explanation
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39d223ce-8c4a-480a-b315-93c373df78bd%2F1f3c5607-76bd-46bf-90ba-0b31ffa81409%2F0h1gbe4_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Early in its 2023 fiscal year (December 31 year end). Whispering Winds Company purchased 10,700 Kenyon Corporation common
shares for $26.18 per share, plus $1,800 in brokerage commissions. These securities were accounted for at FV-OCI (with no recycling).
and transaction costs were capitalized. In September, Kenyon declared and paid a dividend of $1.02 per share, and on December 31.
2023, the fair value of these shares was $290,505. On April 13, 2024, Whispering Winds sold all the Kenyon shares at a price of
$28.10 each, incurring $1.925 in brokerage commissions on the sale.
(a)
Prepare the entry to record the purchase of the Kenyon shares. (Credit account titles are automatically indented when the 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. List debit entry
before credit entry)
Account Titles and Explanation
Debit
Credit
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