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Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2017. On March
Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2017.
- On March 22, purchased 740 shares of RIP Company stock at $25 per share plus a(n) $280 brokerage fee. These shares are categorized as trading securities.
- On September 1, received a $2 per share cash dividend on the RIP Company stock purchased in transaction a.
- On October 8, sold 370 shares of RIP Co. stock for $35 per share, less a(n) $270 brokerage fee.
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