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Question 1 1 pts Rainbow Corp. owned 400 shares of the common stock of Ohio Co., which it had purchased on January 1, 2018,
Question 1 1 pts Rainbow Corp. owned 400 shares of the common stock of Ohio Co., which it had purchased on January 1, 2018, at a total cost of $18,000. In mid-2018, Rainbow received a 50% stock dividend on the Ohio stock. Later in 2018, Rainbow sold 200 shares of the Ohio stock for $10,500, net of commissions and miscellaneous charges. The stock was classified as marketable equity securities. The entry to record the sale would include: All of the answers here are correct. O a debit to Cash of $10.500. O a credit to Marketable Equity Securities of $6,000. O a credit to a Realized Gain on Sale of Marketable Equity Securities of $4,500.
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