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1. Stout Back Traders was incorporated on Jan. 1, 2016 to produce and sell carnival designs and costumes. The following transactions relate to certain securities
1. Stout Back Traders was incorporated on Jan. 1, 2016 to produce and sell carnival designs and costumes. The following transactions relate to certain securities acquired by the company, which has a fiscal year ending on December 31: 2019 Feb. 10. Purchased 8,000 shares of the 150,000 outstanding shares of Good Luck Corporation at $36 per share. The brokerage commission amounted to $864. July 15. Received a cash dividend of $2.25 pershare from Good Luck Corporation 26. Sold 1,000 shares of Good Luck for $32 per share. The brokerage commission amounted to $125. Dec. 31. The market value of Island Luck shares was $33 per share. 2020 Jan. 3. Purchased 30,000 of the 180,000 shares outstanding of Don Duck Inc., $675,000. Dec 22. Received a cash dividend of 40 cents per share from Don Duck. Dec.30. The market prices of Good Luck and Don Duck shares were $38 per share and $18 per share respectively. Instructions: Journalize the above transactions (Show all workings) (20 pts.)
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