On january 1, 2013, point corporation acquired an 80% interest in sharp company for $2,022,000. at that time sharp company had common stock of $1,476,000 and retained earnings of $710,000. the book values of sharp company’s assets and liabilities were equal to their fair values except for land and bonds payable. the land had a fair value of $98,000 and a book value of $81,000. the outstanding bonds were issued at par value on january 1, 2008, pay 11% annually, and mature on january 1, 2018. the bond principal is $503,000 and the current yield rate on similar bonds is 9%.

Accounting! will give five star the bixby co. had the following transactions involving the purchase of merchandise. prepare the necessary general journal entries. any applicable freight costs are prepaid by the seller. the perpetual inventory method is in use. june 16 purchased merchandise having a price of 6,000 from the shelby manufacturing co. on account with credit terms 2/10, n/30. transportation terms fob destination. june 16 purchased merchandise having a price of 9,000 from the ajax supply house on account with credit terms 2/10, n/30. transportation terms fob shipping point. the freight costs were 175. june 17 received the goods from shelby june 17 received the goods from ajax june 20 returned for credit merchandise with an invoice price of 800 to ajax june 25 paid shelby the amount owed june 28 paid ajax the amount owed june 30 returned for cash, merchandise with an invoice price of 400 to shelby questions: prepare the necessary general journal entry for june 16, purchased merchandise having a price of 6000 from shelby manufacturing co prepare the necessary general journal entry for june 17, received goods from shelby merchandise inventory 6000 prepare the necessary general journal entry for june 25 prepare the necessary general journal entry for june 28