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QUESTION 1 (continued) On January 1, 2025, Pearl Corporation sold 700,000 shares of Sapphire Company for $3.60 per share. On the date of the sale,

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QUESTION 1 (continued) On January 1, 2025, Pearl Corporation sold 700,000 shares of Sapphire Company for $3.60 per share. On the date of the sale, Pearl showed a balance of $85,000 in its contributed surplus account. REQUIRED: e) Prepare the journal entry on the books of Pearl Corporation to record the sale of the shares in Sapphire. (S Marks)

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