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Journalize the following investment transactions of Cullen Corp.: 2020 Nov. 6 Purchased 1,200 common shares of Chang Corporation at $86.00 per share, with brokerage
Journalize the following investment transactions of Cullen Corp.: 2020 Nov. 6 Purchased 1,200 common shares of Chang Corporation at $86.00 per share, with brokerage commission of $500. The shares will be sold early in 2021. 30 Received a cash dividend of $4.30 per share on the Chang Corporation investment. Dec. 31 The share price for Chang Corporation's common shares was $84.25 on December 31, 2020, which is Cullen Corp.'s year end. 2021 Jun. 14 Sold the Chang Corporation shares for $87.50 per share. Brokerage commissions were $400. Journalize the investment transactions of Cullen Corp. Nov. 6, 2020: Purchased 1,200 common shares of Chang Corporation at $86.00 per share, with brokerage commission of $500. The shares will be sold early in 2021. (Record debits first, then credits. Journal Entry Date 2020 Accounts and Explanations Debit Credit Nov. 6 Short-Term Investments Brokerage Commissions Expense Cash Nov. 30, 2020: Received a cash dividend of $4.30 per share on the Chang Corporation investment. Date 2020 Nov. 30 Cash Journal Entry Accounts Dividend Revenue Debit Credit Dec. 31, 2020: The share price for Chang Corporation's common shares was $84.25 on December 31, 2020, which is Cullen Corp.'s year end. Journal Entry Date 2020 Accounts Unrealized Loss on Fair Value Dec. 31 Adjustment Short-Term Investments Debit Credit
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