Shown below are a few events and transactions of Kash Company.
2011
Jan. 2 Purchased 80,000 shares of Bushtex Co. general stock for $544,000 cash plus a broker's fee of $3,400 cash. Bushtex has 160,000 shares of general stock outstanding and its policies will be considerably influenced by Kash.
Sept. 1 Bushtex declared and paid a cash dividend of $3.40 per share.
Dec. 31 Bushtex announced that net income for the year is $1,110,400.
2012
June 1 Bushtex declared and paid a cash dividend of $3.65 per share.
Dec. 31 Bushtex announced that total income for the year is $1,244,800.
Dec. 31 Kash sold 16,000 shares of Bushtex for $368,100 cash.
Create journal entries to record the above transactions and events of Kash Company.
Date General Journal Debit Credit
Jan. 2, 2011
Sept. 1, 2011
Dec. 31, 2011
June 1, 2012
Dec. 31, 2012
Dec. 31, 2012