Question
On April 1, 2021, Wildhorse Company purchased 47,200 common shares in Ecotown Ltd. for $ 13 per share. Management has designated the investment as FVTOCI.
On April 1, 2021, Wildhorse Company purchased 47,200 common shares in Ecotown Ltd. for $ 13 per share. Management has designated the investment as FVTOCI. On December 5, Ecotown paid dividends of $ 0.10 per share and its shares were trading at $ 15 per share on December 31. The investment in Ecotowns common shares is sold on January 15, 2022, for $ 719,800. Wildhorse has a December 31 year end. Prepare the journal entry to record the sale of the investment. (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.) Date Account Titles and Explanation Debit Credit Jan. 15 select an account title to record sale of investment on January 15 enter a debit amount enter a credit amount select an account title to record sale of investment on January 15 enter a debit amount enter a credit amount select an account title to record sale of investment on January 15 enter a debit amount enter a credit amount (To record sale of investment.) eTextbook an d Media
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