part B

Question 6 of 6 > - / 10 View Policies Current Attempt in Progress On December 31, 2021, the end of its first year of operations, Crane Associates owned the following securities that are held as long- term investments. Common Stock Shares Cost C Co. 910 $40,040 D Co. 5,220 34,974 E Co. 1,157 25,454 On this date, the total fair value of the securities was equal to its cost. The securities are not held for influence or control over the investees. In 2022, the following transactions occurred. July 1 Received $2.00 per share semiannual cash dividend on D Co.common stock. Aug. 1 Received $0.50 per share cash dividend on C Co.common stock. Sept. 1 Sold 900 shares of D Co. common stock for cash at $9 per share. Oct. 1 Sold 310 shares of C Co.common stock for cash at $48 per share. Nov. 1 Received $1 per share cash dividend on E Co. common stock. Dec. 15 Received $0.50 per share cash dividend on C Co.common stock. 31 Received $2.10 per share semiannual cash dividend on D Co. common stock. At December 31, the fair values per share of the common stocks were C Co. $43, D Co. $6.50, and E Co. $26. These investments should be classified as long-term. (a) Journalize the 2022 transactions. (Record journal entries in the order presented in the problem. 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 for the amounts.) Date Account Titles and Explanation Debit Credit July 1 Cash 10440 Dividend Revenue 10440 Aug. 1 Cash 455 Dividend Revenue 455 Sept. 1 V Cash 8100 Stock Investments 6030 Gain on Sale of Stock Investments 2070 Oct. 1 Cash 14880 ONTARIO Stock Investments 13640 Gain on Sale of Stock Investments 1240 Nov. 1