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Princeton Company acquired some of the 45,000 outstanding shares of the common stock of Cox Corporation as trading securities. The accounting period for both companies

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Princeton Company acquired some of the 45,000 outstanding shares of the common stock of Cox Corporation as trading securities. The accounting period for both companies ends December 31 July 2 Purchased 8,100 shares of Cox common stock at $30 per share. Dec. 15 Cox Corporation declared and paid a cash dividend of $3 per share. Dec. 31 Determined the fair value of Cox stock to be $31 per share. Required: Prepare the journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of 8,100 shares of Cox common stock at $30 per share Note: Enter debits before credits. Date General Journal Debit Credit Jul 02 Record entry Clear entry View general Journal

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