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I would highly appreciate it if you could help me ASAP. I posted this question yesterday and I was provided with a wrong answer. Sheridan

I would highly appreciate it if you could help me ASAP. I posted this question yesterday and I was provided with a wrong answer.

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Sheridan Corporation made the following cash purchases of securities during 2017, which is the first year in which Sheridan invested in securities. On January 15, purchased 10,100 shares of Sanchez Company's common stock at $36.90 per share plus commission $2,080. 1. 2. On April 1, purchased 5,100 shares of Vicario Co.'s common stock at $57.20 per share plus commission $3,470. 3. On September 10, purchased 7,100 shares of WTA Co.'s preferred stock at $29.20 per share plus commission $5,010. On May 20, 2017, Sheridan sold 4,100 shares of Sanchez Company's common stock at a market price of $39 per share less brokerage commissions, taxes, and fees of $3,950. The year-end fair values per share were Sanchez $33, Vicario $61, and WTA $30.80. In addition, the chief accountant of Sheridan told you that the corporation plans to hold these securities for the long-term but may sell them in order to earn profits from appreciation in prices. The equity method of accounting is not appropriate for these stock purchases. (a) Your answer is correct. Prepare the journal entries to record the above three security purchases. (Round answers to 0 decimal places, e.g. 2,500. 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.) No. (1) Jan. 15, 2017 | uity Investments Date Account Titles and Explanation Debit Credit 374770 Cash 374770 (2)TApr 1, 2017 11 uity 295190 Cash 295190 (3)Tsep. 10, 2017 212330 Equity Investments Cash 212330 (b) Prepare the journal entry for the security sale on May 20. (Round answers to 0 decimal places, e.g. 2,500. Credit account titles are automatically indented when amount is entered. Do not indent maually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 20, 2017 Click if you would like to Show Work for this question: Open Show Work Attempts: 0 of 3 used SAVE FOR LATER SUBHIT

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