Answer Happy

Question 1 (10 points) Listen The Scam Corporation reported the following transactions for the years 2020 and 2021: July.1, 2020 Scam acquired 150,000 shares (25% of Unruh's total number of common shares outstanding) of Unruh's common share at a cost of $6 per share. Aug. 15, 2020 Unruh Company declared and paid a total cash dividend of $70,000. Dec. 31, 2020 Unruh's reported net income was $400,000. Jan. 15, 2021 Scam sold all of its holding of Unruh shares for $990,500. Required: Prepare journal entries to record all the above 4 events for the Scam Corporation. Label the date clearly before writing the journal entries (10 points).