Journalize the following long-term available-for-sale investment transactions of Cullen Brothers Department Stores: a. Purchased 470 shares of
Question:
a. Purchased 470 shares of Potter Foods common stock at $31 per share, with the intent of holding the stock for the indefinite future.
b. Received cash dividend of $1.70 per share on the Potter investment.
c. At year-end, adjusted the investment account to fair market value of $36 per share.
d. Sold the Potter stock for the market price of $22 per share.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... 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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Related Book For 
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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