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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
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 1,500 shares of Celeste Inc.'s common stock for $50 per share plus a $750 brokerage commission. Celeste Inc. has 83,000 shares of common stock outstanding. Mar. 6 Received dividends of $0.20 per share on Celeste Inc. stock. June 7 Purchased 1,050 shares of Celeste Inc. stock for $57 per share plus a $525 brokerage commission. July 26 Sold 1,700 shares of Celeste Inc. stock for $63 per share less a $850 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 850 shares of Celeste Inc. stock was $51,875. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. Feb. 2 Mar. 6 II II II DI II II June 7 Dec. 31 At the end of the accounting period, the fair value of the remaining 850 shares of Celeste Inc. stock was $51,875. If an amount box does not require an entry, leave it blank. When required, round final answers to the nearest dollar. Feb. 2 Mar. 6 June 7 July 26 II II II II II II III II II Sept. 25 Dec. 31
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