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7. Bonneau Company had the following transactions relating to investments in availablefor-sale securities during the year. Prepare the required general journal entries for these transactions:
7. Bonneau Company had the following transactions relating to investments in availablefor-sale securities during the year. Prepare the required general journal entries for these transactions: July 4 Bonneau purchased 400 shares of Crossley Company stock at \\( \\$ 120 \\) per share plus a \\( \\$ 400 \\) brokerage fee. These stocks will be classified as Available-for-Sale securities. Sept 15 Bonneau received a \\( \\$ 1.50 \\) per share cash dividend on the Crossley Company stock. Dec 31 The fair value of the Crossley Company stock (the only investment that Bonneau owns) is \\( \\$ 125 \\) per share. The balance of the Fair value Adjustment-AFS account had a zero balance prior to adjustment
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