DE 16-6 Vincent Marketing Associates completed the following investment transactions dur- ing 20X6 and 20X7: 20X6 Dec.
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DE 16-6 Vincent Marketing Associates completed the following investment transactions dur- ing 20X6 and 20X7: 20X6 Dec. 12 Purchased 500 shares of MCI WorldCom stock at a price of $41.13 per share. 20X7 21 31 intending to sell the investment next month. Received a cash dividend of $0.23 per share on the MCI WorldCom stock. Adjusted the investment to its market value of $43.13 per share. Jan. 16 Sold the MCI World Com stock for $44.50 per share. 1. Classify Vincent's investment as trading or available-for-sale. 2. Journalize Vincent's investment transactions. Explanations are not required.
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ISBN: 9780130906991
5th Edition
Authors: Charles T. Horngren, Walter T. Harrison, Linda S. Bamber, Betsy Willis, Becky Jones
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