Assessing Financial Statement Effects of Trading and Available-for-Sale Securities Four transactions involving investments in marketable...
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Assessing Financial Statement Effects of Trading and Available-for-Sale Securities Four transactions involving investments in marketable securities classified as trading follow. (1) Purchased 6,000 common shares of Liu, Inc., for $12 cash per share. (2) Received a cash dividend of $1.10 per common share from Liu. (3) Year-end market price of Liu common stock is $11.25 per share. (4) Sold all 6,000 common shares of Liu for $66,900. a. Prepare journal entries to record the four transactions. b. Post the journal entries from a to their respective T-accounts.
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