Top Team Investments completed the following investment transactions during 2018: (Click the icon to view the transactions.)
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Requirement 1. Journalize Top Team's investment transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.)
Jan. 14: Purchased 1,000 shares of Tycon stock, paying $47 per share. The investment represents 4% ownership in Tycon's voting stock. Top Team does not have significant influence over Tycon. Top Team intends to hold the investment for the indefinite future.
Date Accounts Debit Credit
Jan. 14 Cash 47,000
Jan. 14 Investment in Tycon Stock 47,000
Aug. 22: Received a cash dividend of $0.39 per share on the Tycon stock.
Date Accounts Debit Credit
Aug. 22 Cash 390
Aug. 22 Dividend Income 390
Dec. 31: Adjusted the investment to its current market value of $45 per share.
Date Accounts Debit Credit
Dec. 31 Unrealized Loss on Investment 2,000
Dec. 31 Investment in Tycon Stock 2,000
Dec. 31: Tycon reported net income of $420,000 for the year ended 2018.
Date Accounts Debit Credit
Dec. 31 Investment in Tycon Stock 16,800
Dec. 31 Income from Investment in Tycon Stock 16,800
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