Not sure what I did wrong can someone please help its been a few days and if you cant do everything
for me thats fine I just need o be pointed in the right direction. Natalie has been approached by Ken Thornton, a shareholder of The Beanery Coffee Inc. Ken wants to retire and would like to sell his 1,000 shares in The Beanery Coffee, which represents 30% of all shares issued. The Beanery is currently operated by Ken’s twin daughters, who each own 35% of the common shares. The Beanery not only operates a coffee shop but also roasts and sells beans to retailers, under the name Rocky Mountain Beanery.X
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Cookie Creations 16 b-d2
Natalie has been approached by Ken Thornton, a shareholder of The Beanery Coffee Inc. Ken wants to retire and would like to sell his 1,000 shares in The Beanery Coffee, which represents 30% of all shares
s 15 a-d
issued. The Beanery is currently operated by Ken’s twin daughters, who each own 35% of the common shares. The Beanery not only operates a coffee shop but also roasts and sells beans to retailers, under the
Is 16 b-
name quot;Rocky Mountain Beanery.quot;
The business has been operating for approximately 5 years. In the last 2 years Ken has lost interest and left the day-to-day operations to his daughters. Both daughters at times find the work at the coffee shop
overwhelming. They would like to have a third shareholder involved to take over some of the responsibilities of running a small business. Both feel that Natalie and Curtis are entrepreneurial in spirit and that their
expertise would be a welcome addition to the business operation. The twins have also said that they plan to operate this business for another 10 years and then retire.
Ken has met with Curtis and Natalie to discuss the business operation. All have concluded that there would be many advantages for Cookie amp; Coffee Creations Inc. to acquire an interest in The Beanery Coffee. One
of the major advantages would be volume discounts for purchases of the coffee bean inventory.
Despite the apparent advantages, however, Natalie and Curtis are still not convinced that they should participate in this business venture.
Your answer is partially correct. Try again.
Assume that Ken wants to sell his 1,000 shares of The Beanery Coffee for $15,000.
Prepare the journal entry required if Cookie amp; Coffee Creations Inc. buys Ken’s shares. ( If no entry is required, select quot;No Entryquot; for the account titles and enter 0 for the amounts. Credit account
titles are automatically indented when amount is entered. Do not indent manually. )
Account Titles and Explanation
SHOW LIST OF ACCOUNTS
LINK TO TEXT
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Your answer is partially correct, Try again.
Assume that Cookie amp; Coffee Creations Inc. buys the shares and in the following year The Beanery Coffee earns $50,000 net income and pays $25, 000 in dividends.
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