Question
On November 28, 20x7, Bruin Company purchased 50,000 shares of Sox Corporation common stock at $18 per share. Bruin Corporation intends to hold the shares
On November 28, 20x7, Bruin Company purchased 50,000 shares of Sox
Corporation common stock at $18 per share. Bruin Corporation intends to hold
the shares for a short period of time. On December 31, 20x7, the fair value of
this investment was $750,000. Finally, on January 19, 20x8, Bruin sells 20,000
shares for $375,000, paying a brokerage of 2%.
Show a journal entry in the books of Bruin on November 28.
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The Board Of Directors And Audit Committee Guide To Fiduciary Responsibilities Ten Critical Steps To Protecting Yourself And Your Organization
Authors: Sheila Moran CPA CFE, Ronald Kral CPA CMA
1st Edition
0814431666, 978-0814431665
