Question
can someone please help me create journal entries for these On September 20th, the company sold its shares in Hobokin Company, resulting in a loss
can someone please help me create journal entries for these
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On September 20th, the company sold its shares in Hobokin Company, resulting in a loss of $1,000 (pretax). See the portfolio tables below.
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When its president died, on October 8th, the corporation realized $110,000 from an insurance policy. The cash surrender value of this policy had been carried on the books as an investment in the amount of $10,000 (the gain is nontaxable).
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On November 1st, Tri-Star, Inc. filed a suit against the corporation, seeking damages for patent infringement. Legal counsel believes that it is probable that the company will lose the lawsuit to Tri-Star and it is reasonably estimable that the corporation will have to pay Tri-Star $10,000.b
(if more information is needed just the formulas in place of numbers is fine)
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