Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed
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Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method:
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2. Purchased for cash 3,100 shares of Celeste Inc's common stock for $32 per share. Celeste Inc. has 80,000 shares of common stock outstanding. Feb. Mar. 6. Received dividends of $0.45 per share on Celeste Inc. stock. 7. Purchased an additional 1,400 shares of Celeste Inc. stock for $38. June July 26. Sold 2,500 shares purchased on February 2 for $41 per share. Sept. 25. Received dividends of $0.62 per share on Celeste Inc. stock. Dec. 31. Atthe end of the accounting period, the fair value of the remaining 2,000 shares of Celeste Inc. stock was $40 per share.
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Fair value of 2000 shares 40 80000 Cost of February 2 shares 60...View the full answer
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