During 2017, Princeton Company acquired some of the 50,000 outstanding common shares of Cox Corporation as trading
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During 2017, Princeton Company acquired some of the 50,000 outstanding common shares of Cox Corporation as trading securities. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2014:
July 2 Purchased 8,000 shares of Cox common shares at $28 per share.
Dec. 15 Cox Corporation declared and paid a cash dividend of $2 per share.
31 Determined the current market price of Cox shares to be $29 per share.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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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July 2 dr Investment in Cox A 224000 cr Cash A 224000 Purchased 8000 s...View the full answer
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Related Book For 
Fundamentals of Financial Accounting
ISBN: 978-1259269868
5th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
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