Question
Cole Inc. owns shares of Marlin Corporation stock classified as an available-for-sale investment. At December 31, 2014, the available-for-sale securities were carried in Coles accounting
Cole Inc. owns shares of Marlin Corporation stock classified as an available-for-sale investment. At December 31, 2014, the available-for-sale securities were carried in Coles accounting records at their cost of $921,700, which equals their fair value. On September 21, 2015, when the fair value of the securities was $1,219,800, Cole declared a property dividend whereby the Marlin securities are to be distributed on October 23, 2015 to stockholders of record
Prepare all journal entries necessary on those three dates. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
SEPt 21
OCT8
OCT 23
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