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On January 1, 2025, Pearl Corporation sold 700,000 shares of Sapphire Company for $3.60 per share. On the date of the sale, Pearl showed
On January 1, 2025, Pearl Corporation sold 700,000 shares of Sapphire Company for $3.60 per share. On the date of the sale, Pearl showed a balance of $85,000 in its contributed surplus account. REQUIRED: Prepare the journal entry on the books of Pearl Corporation to record the sale of the shares in Sapphire. (5 Marks) e)
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
