Journalize the following long term non strategic investment transactions of Tustin Brothers Department Stores assuming the company reports changes in fair value through net income a Purchased 490 shares of Chang Bank of Canada at $46 per share, with the intent of holding the shares in the near future b Received cash dividend of $0 55 per share on the Chang Bank of Canada investment c At year end, adjusted the investment account to current fair value, $37 per share d Sold the shares for the market price of $30 per share a Journalize the following long term non strategic investment transactions of Tustin Brothers Department Stores assuming the company reports changes in fair value through net income Purchased 490 shares of Chang Bank of Canada at $46 per share, with the intent of holding the shares in the near future (Record debits first, then credits Explanations are not required ) Journalize the following long term non strategic investment transactions of Tustin Brothers Department Stores assuming the company reports changes in fair value through net income a Purchased 490 shares of Chang Bank of Canada at $46 per share, with the intent of holding the shares in the near future b Received cash dividend of $0 55 per share on the Chang Bank of Canada investment c At year end, adjusted the investment account to current fair value, $37 per share d Sold the shares for the market price of $30 per share a Journalize the following long term non strategic investment transactions of Tustin Brothers Department Stores assuming the company reports changes in fair value through net income Purchased 490 shares of Chang Bank of Canada at $46 per share, with the intent of holding the shares in the near future (Record debits first, then credits Explanations are not required ) Accounts Debit Credit a

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 03, 2024

Journalize the following long-term non-strategic investment transactions of Tustin Brothers Department Stores assuming the company reports changes in fair value through net income: a. Purchased

Journalize the following long-term non-strategic investment transactions of

Tustin

Brothers Department Stores assuming the company reports changes in fair value through net income:

a.	Purchased 490 shares of Chang Bank of Canada at $46 per share, with the intent of holding the shares in the near future.
b.	Received cash dividend of $0.55 per share on the Chang Bank of Canada investment.
c.	At year-end, adjusted the investment account to current fair value, $37 per share.
d.	Sold the shares for the market price of $30 per share.

a. Journalize the following long-term non-strategic investment transactions of

Tustin

Brothers Department Stores assuming the company reports changes in fair value through net income:Purchased

490

shares of

Chang

Bank of Canada at

$46

per share, with the intent of holding the shares in the near future. (Record debits first, then credits. Explanations are not required.) image text in transcribed

Journalize the following long-term non-strategic investment transactions of Tustin Brothers Department Stores assuming the company reports changes in fair value through net income: a. Purchased 490 shares of Chang Bank of Canada at $46 per share, with the intent of holding the shares in the near future. b. Received cash dividend of $0.55 per share on the Chang Bank of Canada investment. c. At year-end, adjusted the investment account to current fair value, $37 per share. d. Sold the shares for the market price of $30 per share. a. Journalize the following long-term non-strategic investment transactions of Tustin Brothers Department Stores assuming the company reports changes in fair value through net income: Purchased 490 shares of Chang Bank of Canada at $46 per share, with the intent of holding the shares in the near future. (Record debits first, then credits. Explanations are not required.) Accounts Debit Credit a