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Please read the whole problem and answer parts a, b, and c. a. On March 22, purchased 790 shares of RPI Company stock at $26
Please read the whole problem and answer parts a, b, and c.
a. On March 22, purchased 790 shares of RPI Company stock at $26 per share. Duke's stock investment results in it having an insignificant influence over RPI. b. On July 1, received a $2 per share cash dividend on the RPI stock purchased in part a. c. On October 8, sold 395 shares of RPI stock for $36 per share. Exercise 15-8 (Algo) Accounting for stock investments with insignificant influence LO P4 Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year. View transaction list Journal entry worksheet 2 3 > On October 8, sold 395 shares of RPI stock for $36 per share. Note: Enter debits before credits. Transaction General Journal Credit Debit 14,220 C. Cash Stock investments 10,270 3,950 Gain on sale of stock investmentsStep by Step Solution
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