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Accounting for Equity SecuritiesNoninfluential The Glass Company had the following transactions and adjustment related to a stock investment: 2016 Nov. 15 Purchased 6,000 shares of
Accounting for Equity SecuritiesNoninfluential The Glass Company had the following transactions and adjustment related to a stock investment:
| 2016 | |
| Nov. 15 | Purchased 6,000 shares of Erie, Inc.s common stock at $13 per share plus a brokerage commission of $750. Glass expects to sell the stock in the near future. |
| Glass is unable to exercise any significant control over Erie. | |
| Dec. 22 | Received a cash dividend of $2.10 per share of common stock from Erie. |
| Dec. 31 | Made the adjusting entry to reflect yearend fair value of the stock investment in Erie. The yearend market price of the Erie common stock is $12.25 per share. |
| 2017 | |
| Jan. 20 | Sold all 6,000 shares of the Erie common stock for $66,900. |
Record the transactions and adjustment of the Glass Company using journal entries.
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