Record the transactions in the journal of nasdaq

Investment Transactions

The beginning balance sheet of NASDAQ Corporation included the following:

Long-term investment in MSC Software (equity-method investment)..... $619,000

NASDAQ completed the following investment transactions during the year:

Mar. 16  Purchased 2,000 shares of ATI, Inc., common stock as a long-term available-for-sale investment, paying $12.25 per share.
May 21   Received cash dividend of $0.75 per share on the ATI investment.
Aug 17   Received cash dividend of $81,000 from MSC Software.
Dec. 31   Received annual report from MSC Software; net income for the year

At year end, the market values of NASDAQ's investments are: ATI, $25,700; MSC $700,000.

Required to do:

1. Record the transactions in the journal of NASDAQ Corporation.

2. Post entries to the T-account for Long-Term Investment in MSC and determine its balance December 31.

3. Show how to report the Long-Term Available-For-Sale Investments and the Long-Term Investments in the MSC accounts on NASDAQ's balance sheer at December 31

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Finance Basics: Record the transactions in the journal of nasdaq
Reference No:- TGS02054654

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