Norton Corporation reports short-term investments on its balance sheet. Suppose a division of Norton completed the following short-term investment transactions during 2012:

Requirement
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 Norton€™s investment transactions. Start with a cash balance of $98,000; all the other accounts start atzero.

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2012 Dec 12 21 31 Purchased 900 shares of Armor, Inc., stock for $38,700. Norton plans to sell the stock at a profit in the near future. Received a cash dividend of $0.72 per share on the Armor, Inc., stock. Adjusted the investment in Armor, Inc., stock. Current market value is $50,400. Norton still plans to sell the stock in early 2013. 2013 Jan 16 Sold the Armor, Inc., stock for $54,300.