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On March 10, 2019, Dearden, Inc., purchased 15,000 shares of Jaffa stock for $35 per share as a long-term passive investment. Dearden's year ends on
On March 10, 2019, Dearden, Inc., purchased 15,000 shares of Jaffa stock for $35 per share as a long-term passive investment. Dearden's year ends on December 31. The following information pertains to the price per share of Jaffa stock: 12/31/2019 12/31/2020 12/31/2021 Stock Price $ 33 36 32 Dearden sold all of the Jaffa stock on September 12, 2022, at a price of $30 per share. Prepare any journal entries that are required by the facts presented in this case. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 March 10, 2019 Investments 525,000 Cash 525,000 2 Dec. 31, 2019 Unrealized loss 30,000 Investments 30,000 | Dec. 31, 2020 Investments 15,000 X oo Unrealized gain 15,000 X 4 Dec. 31, 2021 Unrealized loss 45,000 X Investments 45,000 X 5 Sep. 12, 2022 Unrealized loss 75,000 X Investments 75 000 x
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