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Entries for Equity Investments: Less than 2 0 % Ownership Chart of Accounts Instructions Quan Corp. manufactures construction equipment. Feb. 2 Purchased for cash 5

Entries for Equity Investments: Less than 20% Ownership
Chart of Accounts
Instructions
Quan Corp. manufactures construction equipment.
Feb. 2 Purchased for cash 5,000 shares of Celeste Inc.'s common stock for $20 per share plus a $115 brokerage commission. Celeste Inc. has 81,000 shares of common stock outstanding.
Mar. 6 Received dividends of $0.25 per share on Celeste Inc. stock.
June 7 Purchased 2,000 shares of Celeste Inc. stock for $28 per share plus a $110 brokerage commission.
July 26 Sold 6,100 shares of Celeste Inc. stock for $37 per share less a $115 brokerage commission. Quan assumes that the first investments purchased are the first investments sold.
Sept. 25 Received dividends of $0.45 per share on Celeste Inc. stock.
Dec. 31 At the end of the accounting period, the fair value of the remaining 900 shares of Celeste Inc. stock was $26,754.
Required:
Journalize the entries to record the above selected equity investment transactions completed by Quan during a recent year using the fair value method. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your intermedlate calculations to two decimal places. When required, round final answers to the nearest dollar.
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