Eastern Corporation reports short-term investments on its balance sheet. Suppose a division of Eastern completed the following short-term investment transactions during 2010:

Requirement
1. Prepare T-accounts for Cash, Short-Term Investment, Dividend Revenue, Unrealized Gain (Loss) on Investment, and Gain on Sale of Investment. Show the effects of Eastern's investment transactions. Start with a cash balance of $94,000; all the other accounts start atzero.

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2010 Dec 12 21 31 Purchased 600 shares of Music, Inc., stock for $46,800. Eastern plans to sell the stock at a profit in the near future. Received a cash dividend of $0.52 per share on the Music, Inc., stock. Adjusted the investment in Music, Inc., stock. Current market value is $48,600. Eastern still plans to sell the stock in early 2011. 2011 Jan 16 Sold the Music, Inc., stock for $66,465