Hartford Today Publishers completed the following trading investment transactions during 2016 and 2017: 2016 Dec. 6 Purchased
Question:
2016
Dec. 6 Purchased 1,100 shares of Golden stock at a price of $22.00 per share, intending to sell the investment next month.
23 Received a cash dividend of $1.10 per share on the Golden stock.
31 Adjusted the investment to its market value of $21.00 per share.
2017
Jan. 27 Sold the Golden stock for $21.60 per share.
Requirements
1. Journalize Hartford Today’s investment transactions. Explanations are not required.
2. On December 31, 2016, how would the Golden stock be classified and at what value would it be reported on the balance sheet? Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Requirement 1 Date Accounts and Explanation Debit Credit 2016 Dec 6 ShortTerm InvestmentsTrading 24...View the full answer
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