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Augsburg Corporation recorded the following transactions for its long-term investments during 2012: Purchased 1,000 shares of Miller Corporation stock at May 22 $55 per share
Augsburg Corporation recorded the following transactions for its long-term investments during 2012: Purchased 1,000 shares of Miller Corporation stock at May 22 $55 per share plus brokerage fees of $1,000 and classified the shares as trading securities. Miller Corporation has 30,000 shares outstanding. June 30 Received a cash dividend of $0.80 per share on Miller Corporation stock. August 26 Sold 400 shares of Miller Corporation stock for $60 per share. December Miller common stock had a closing market price of $50 31 per share. The decline is considered to be temporary. Given the information above, on May 22, Augsburg should
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