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Accounting for Trading Securities Fox Company made the following transactions in the common stock of NOP Company: July 10, 2013 Purchased 10,000 shares at $45
Accounting for Trading Securities Fox Company made the following transactions in the common stock of NOP Company: July 10, 2013 Purchased 10,000 shares at $45 per share. Sept. 29, 2014 Sold 2,000 shares for $51 per share. Aug. 17, 2015 Sold 2,500 shares for $33 per share. The end-of-year market prices for the shares were as follows: December 31, 2013 $47 per share December 31, 2014 39 per share December 31, 2015 31 per share Instructions: Prepare the necessary entries for 2013, 2014, and 2015, assuming the NOP stock is classified as a trading security
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