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please help Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year
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Quan Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Quan during a recent year using the fair value method. Feb. 2 Purchased for cash 950 shares of Celeste Inc's common stock for $45 per share plus a $475 brokerage commission. Celeste Inc. has 87,000 shares of comsion stock outstanding. Mar. 6 Recelved dlvidends of $0.20 per share on Celeste inci stock. June 7 Purchased 650 shares of Celeste inc. stock for $57 per share plus a $325 brokerage commission. July 26 Sold 1,050 shares of Celeste Inc. stock for $61 per share less a $525 brokerage commission. Quan assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.30 per share on Celeste Inc, stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 550 shares of Celeste Inc. stock, was $34,125. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. June 7 linvertmants.Celeste ins. Stock v Cash 37,375 July 26 Gain on. Sale of Inrestments v Investments-celeste inc Stock Sept. 25 sash pindend revemue Dec. 31 Valuation Allowance for Equity lnvestments 31,625x Unrealized Gain on Equity Investments vv Feedosak Step by Step Solution
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