Review the following long$-$term, equity security transactions of Blanchard Department Stores:

$($Click the icon to view the transactions.$)$

Requirement

Joumalize the long$-$term, equity security transactions of Blanchard Department Stores.

a$.$ Purchased $410$ shares of Florida Fine Foods common stock at $$30$ per share $($less than $5\%$ of Florida's outstanding stock$),$ with the intent of holding the stoc debits first, then credits. Exclude explanations from any journal entries.$)$

Journal Entry

Accounts

Debit

Credit

a$.$

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$$

$$

$$

$$

$$

$$

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More info

a$.$ Purchased $410$ shares of Florida Fine, Foods common stock at $$30$ per share $($less than $5\%$ of Florida's outstanding stock$),$ with the intent of holding the stock for the indefinite future.

b$.$ Received a cash dividend of $$1\mathrm{.}40$ per share on the Florida investment.

c$.$ At year$-$end, adjusted the investment account to fair value of $$37$ per share.

d$.$ Sold the Florida stock for $$26$ per share.

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