Prepare journal entries

On August 4, 2015, Jeffrey Corporation purchased 2,000 shares of Kevin Company for $180,000. The following information applies to the stock price of Kevin Company: Price12/31/2015 … $8512/31/2016 .. 9112/31/2017 .. 94Kevin Company declares and pays cash dividends of $3.50 per share on June 1 of each year.

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1. Prepare journal entries to record the facts in the case, assuming that Jeffrey purchased the shares for the trading securities portfolio.

2. Prepare journal entries to record the facts in the case, assuming that Jeffrey purchased the shares for the available-for-sale securities portfolio.3. Prepare journal entries to record the facts in the case, assuming that Jeffrey used the equity method to account for the investment. Jeffrey owns 30 percent of Kevin and Kevin reported $30,000 in income each year.

 

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