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(NOT SURE IF ACCOUNTS AND NUMBERS FILLED ARE CORRECT FOR THE JOURNAL ENTRIES) During 2023, Financial Crane, a public company, purchased equity securities for trading
(NOT SURE IF ACCOUNTS AND NUMBERS FILLED ARE CORRECT FOR THE JOURNAL ENTRIES)
During 2023, Financial Crane, a public company, purchased equity securities for trading purposes. At December 31,2023 , the securities for Financial Crane were as follows: The following transactions with respect to Financial Crane's investments occurred during 2024: Jan. 15 Purchased 1,500 common shares of Hazmi for $16 per share. The shares are designated as fair value through other comprehensive income. Mar. 20 Received dividends on the PYK preferred shares of $1.50 per share. June 15 Sold 550 of the Sabo common shares for $16.75 per share. Aug. 5 Received dividends on the Sabo common shares of $2.50 per share. Oct. 15 Received an additional 1,500 common shares of Hazmi as a result of a 2-for-1 stock split. At December 31, 2024, the securities held by Financial Crane were trading on the TSX at the following prices: Your answer is correct. Show how the securities would be reported on Financial Crane's December 31, 2023, balance sheet. Record Financial Crane's 2024 transactions and any required adjusting journal entries at December 31, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answer to 0 decimal places, e.gStep by Step Solution
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