In February 20X4, JW Company invested excess cash in shares of ABC Corp., a Pblicly traded company with over 1,000,000 shares outstanding. JW bought 2,700 shares at $11.65 per share. The shares were bought on speculation that they would increase in value, as analyst valuations for the next 12 months indicated that the shares would trade in the $31 to $36 range The closing price of the shares and the dividends per share are as follows for the quarter ends:

Closing value on the stock exchange Dividend per share

February 17, 20X4 $11.65

March 31, 20X4 $16.20 $0.24

June 30, 20X4 $22.75 $0.25

September 30, 20X4 $31.20 $0.26

December 31, 20X4 $29.85 $0.26

The dividends were declared by the board of ABC on the 15th of the months noted and were payable on the first day of the following month.

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