Question - Saddle Co. had the following securities listed on its balance sheet as of December 31, 2003:
|
Company
|
Classification
|
No. of Shares
|
Cost
|
|
Brittle Co.
|
Trading
|
5000
|
$90,000
|
|
Cactus Co.
|
Available-for-sale
|
1500
|
$45,000
|
|
Pack Co.
|
Equity
|
1200 (60%)
|
$84,000
|
During 2004:
Brittle Co. paid cash dividends of $2.00 per share and had net income of $250,000.
Cactus Co. did not pay any dividends and had net income of $78,000.
Pack Co. paid dividends of $3.00 per share and had net income of $180,000.
Saddle Co. sold 200 shares of Brittle at $15 per share and sold 50 shares of Cactus for $32 per share
Required- Record all necessary journal entries for Saddle Co. during 2004.