Know All Investments completed the following transactions during 2018 (Click the icon to view the tr

Know All Investments completed the following transactions during 2018 (Click the icon to view the transactions.) Requirements 1. Journalize Know Alls transactions. Explanations are not required. 2. Classify and prepare partial financial statements for Know All's 35% Veicon investment for the year ended December 31, 2018 Requirement 1. Journalize Know All's 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 500 shares of Velcon stock, paying $53 per share. The investment represents 35% ownership in Velcon's voting stock and Know All has significant influence over Velcon. Know All intends to hold the investment for the indefinite future. Date Accounts Debit Credit i More Info Jan 14 – X Aug. 22: Received a cash dividend of $0.47 per share on the Velcon stock Date Accounts Aug. 22 Jan 14 Purchased 500 shares of Velcon stock, paying $53 per share. The investment represents 35% ownership in Velcon's voting stock and Know All has significant influence over Velcon. Know Al intends to hold the investment for the indefinite future Aug. 22 Received a cash dividend of 50.47 per share on the Velcon stock. Dec. 31 Velcon's current market value is $50 per share. 31 Velcon reported nel income of $120,000 for the year ended 2018 Debit Credit Print Done Dec. 31: Velcon's current market value is $50 per share. Date Accounts Debit Credit Dec. 31 Dec. 31: Velcon reported net income of $120,000 for the year ended 2018. Date Accounts Debit Credit Dec. 31 Requirement 2. Classity and prepare partial financial statements for Know All's 35% Velcon investment for the year ended December 31, 2018. Begin by showing the account and amount of any assets that would appear on Know All's balance sheet as it relates to the Velcon investment at December 31, 2018. (If a box is not used in the financial statement, leave the box empty: do not select a label or enter a zero.) Know All Investments Balance Sheet (Partial) December 31, 2018 Current Assets: Long-term Assets Stockholders' Equity Accumulated Other Comprehensive Income: Complete the partial income statement for the year ended December 31, 2018 as it relates to Know Alls Velcon investment(Use a minus sign or parentheses to enter a loss. If a box is not used in the financial statement, leave the box empty, do not select a label or enter a zero.) Know All Investments Income Statement(Partial) For the Year Ended December 31, 2018 Other Income and (Expenses) Choose from any list or enter any number in the input fields and then continue to the next question

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