Question
Quartz Company's investment activities in 2016 are recorded below. Its year-end is on June 30. 1) On February 14, 2016, Quartz Company purchased 1,100 common
Quartz Company's investment activities in 2016 are recorded below. Its year-end is on June 30.
1) On February 14, 2016, Quartz Company purchased 1,100 common shares of Warsaw Corp. on the Toronto Stock Exchange at $14.00 per share for short-term trading purpose.
2) On March 31, 2016, Quartz Company received dividends from Warsaw Corp. of $1.00 per share.
3) On June 30, 2016, the trading price of Warsaw Corp. common shares went up to $15.00 per share.
4) On August 21, 2016, Quartz Company sold all 1100 Warsaw Corp. common shares at $16.10 per share.
Record journal entries of the provided investment activities for Quartz Company.
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
