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Princeton Company acquired some of the 70,000 outstanding shares of the common stock of Cox Corporation as trading securities. The accounting period for both companies
Princeton Company acquired some of the 70,000 outstanding shares of the common stock of Cox Corporation as trading securities. The accounting period for both companies ends December 31. July 2 Purchased 8,400 shares of Cox common stock at $24 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 $25 per share. Indicate the effects (direction and amount) of the transactions listed above. (Enter any decreases to account balances with a minus sign.)
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