Business, 04.05.2021 19:30 AeelynRamos
Wheat Corporation pays $528,000 to acquire 45% (100,000 shares) of the common stock of Grain Investments, Inc. on January 5, 2024. Wheat Corporation sells 12,000 shares for $52,000 on January 6, 2024. Which of the following is the correct journal entry for the transaction on January 6, 2024? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)
A. Equity Investments-Grain Investments, Inc. 63360
Cash 52000
Loss on Disposal 11,360
B. Cash 63360
Equity InvestmentsāGrain Investments, Inc. 63,360
C. Cash 52000
Loss on Disposal 11360
Equity InvestmentsāGrain Investments, Inc. 63,360
D. Equity InvestmentsāGrain Investments, Inc. 63360
Cash 63,360
Answers: 3
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Wheat Corporation pays $528,000 to acquire 45% (100,000 shares) of the common stock of Grain Investm...
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