Question
Need help with this assignment, please Black, Inc. management occasionally invests idle cash in stocks that are not intended to be held long term. Management
Need help with this assignment, please
Black, Inc. management occasionally invests idle cash in stocks that are not intended to be held long term. Management treats these investments as trading securities. 1/5/2015 Purchased 2,500 shares of Eversilver Corporation common stock, which constitutes less than 10% of the outstanding shares of the company for $54.00 per share cash plus a total broker commission of $200. 6/15/2015 Received a cash dividend of $1.50 per share. 12/15/2015 Received a cash dividend of $1.60 per share. 12/31/2015 The market value of the stock is $60 per share as of year end, and a commission of $200 would apply to sell the shares. 1/22/2016 Sold 1,000 shares of Eversilver Corporation common stock for $62 per share minus $120 commission. Instructions: Prepare Journal entries for the above transactions. Solutions: Date Account Debit Credit 1/5/2015 7/15/2015 12/15/2015 12/31/2015 1/22/2016
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