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Krogstad Corporation bought 1000 shares of Cole Inc. Common stock for $90 per share. Three months later, the shares were sold for $110 per share

Krogstad Corporation bought 1000 shares of Cole Inc. Common stock for $90 per share. Three months later, the shares were sold for $110 per share

(1) Prepare the appropriate journal entry to record the purchase of the stock

(2) prepare the appropriate journal entry to record the sale of the stock (Hint: there are multiple steps in this process).

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