E16-2 Journalize the following long-term available-for-sale investment transactions of Abbey-Simms Inc. Explanations are not required. a. Purchased

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E16-2 Journalize the following long-term available-for-sale investment transactions of Abbey-Simms Inc. Explanations are not required.

a. Purchased 400 shares (8%) of Marcor Corporation common stock at $38 per share, with the intent of holding the stock for the indefinite future.

b. Received cash dividend of $1 per share on the Marcor investment.

c. At year end, adjusted the investment account to current market value of $45 per share.

d. Sold the Marcor stock for the market price of $42 per share.

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