Question
6. Hedman Industrial Corp. has excess cash that it does not need to operate its core business. It uses the cash to invest in certainsecurities
6. Hedman Industrial Corp. has excess cash that it does not need to operate its core business. It uses the cash to invest in certainsecurities as discussed below. Journalize the 2019 transactions without explanations. a. On 3/4/2019 purchased 4,400 shares of Tesla common stock at $55.00 per share. Hedman plans to sell the stock within the next 12 months. (Tesla had 885 million common stock shares at the time of this purchase) b. On 6/2/2019, received a cash dividend of $0.40 per share on the Tesla common stock. c. On 11/15/2019, sold the Tesla common stock for $77.00 per share. d. On 11/30/2019, purchased General Electric bond for $200,000 at face value. Hedman plans on selling this bond within the next 12 months. e. On 12/31/2019, received $10,000 interst payment from the General Electric bond. f. On 12/31/2019, the market value of the General Electric bond was $214,000
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