Exercise 17-14 Riverbed Co. had purchased 230 shares of Washington Co. for $37 each this...
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Accounting
Exercise 17-14
Riverbed Co. had purchased 230 shares of Washington Co. for $37 each this year (Oregon Co. does not have significant influence). Riverbed Co. sold 115 shares of Washington Co. stock for $41 each. At year-end, the price per share of the Washington Co. stock had dropped to $31.
Prepare the journal entries for these transactions and any year-end adjustments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit (To record the purchase.) Cash To record the sale.) (To record the fair value.)
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