Business, 25.03.2021 21:00 multibeastpr
Guay Company had the following transactions and adjustment related to a passive equity investment.
2019
Nov. 15 Purchased 5,000 shares of Core, Inc.’s common stock at $16 per share plus a brokerage commission of $900. Guay Company expects to sell the stock in the near future.
Dec. 22 Received a cash dividend of $1.25 per share of common stock from Core.
Dec. 31 Made the adjusting entry to reflect year-end fair value of the stock investment in Core. The year-end market price of the Core common stock is $17.50 per share.
2020
Jan. 20 Sold all 5,000 shares of the Core common stock for $86,400.
Required:
Prepare journal entries to record these transactions.
Answers: 3
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Guay Company had the following transactions and adjustment related to a passive equity investment....
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