ACCOUNTING-8 pts. Louie Corp. invests in the publicly traded stock

8 pts. Louie Corp. invests in the publicly traded stock of Precision Instruments, Inc. Record the following transactions in the financial statements effects template below.1) Purchased 1,000 shares of Precision Instruments’ common stock for $43 per share. Wichita classifies these securities as available-for-sale.2) Received a cash dividend of $1.10 per share from Precision3) Year-end market price of Precision common stock is $48 per share4) Sold all 1,000 shares for $55 per share, the closing price for the dayBalance SheetTransaction1)2)3)4)CashAsset+NoncashAssets=====LiabilitiesIncome Statement+Contrib.Capital+EarnedCapitalRevenues–––––Expenses=====NetIncome8 pts. Doug Portland Coffee Co invests in the stock of Classic Cup, Inc. Record the following transactions in the financial statements effects template below.1) Purchased 6,000 shares of Classic Cup Inc. common stock for $10 per; these shares represent 25% ownership of Classic Cup, which conveys to Portland Coffee significant influ2) Received a cash dividend of $2.20 per share from Classic Cup, Inc.3) Classic Cup reports net income of $100,000.4) Sold all 6,000 shares of Classic Cup for $87,000.Balance SheetTransaction1)2)3)4)CashAsset+NoncashAssets=====LiabilitiesIncome Statement+Contrib.Capital+EarnedCapitalRevenues–––––Expenses=====NetIncomenfluence over the operations of Classic Cup.8 pts. Computers-R-Us (CRU) purchased 30 computers from its supplier on credit at a cost of $1,500 per computer. The computers were purchased to be held forsale to customers. By the end of the month, CRU had sold all 30 computers for $1,700 each. The store received payment for these computers but waited until theend of the month to settle its account payable with the supplier. Use the financial statement effects template, below to record these transactions.Balance SheetTransactionPurchase computersSell ComputersRecord Cost of Goods SoldPay for computersCashAsset+NoncashAssets=====LiabilitiesIncome Statement+Contrib.Capital+EarnedCapitalRevenues–––––Expenses=====NetIncome

 

 

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