Gator Shoes, Incorporated, manufactures a line of stylish waterproof footwear. The following transactions relate to...
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Gator Shoes, Incorporated, manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2024. March 1 Purchases 2,100 shares (10%) of Power Drive Corporations common stock for $53 per share. July 1 Receives a cash dividend of $1.55 per share. December 31 The fair value of Power Drive Corporations common stock is $66 per share. On February 1, 2025 (the following year), Gator Shoes sold 525 shares of Power Drive Corporations common stock for $61 per share. Required: 1. Record each of these transactions in 2024, including an adjusting 2. Entry on December 31 for the investments fair value, if appropriate. Record the sale on February 1, 2025.
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