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Review the following long-term, available-for-sale security transactions of Reynold Department Stores a. Purchased 460 shares of Potter Fine Foods common stock at $33 per share,
Review the following long-term, available-for-sale security transactions of Reynold Department Stores a. Purchased 460 shares of Potter Fine Foods common stock at $33 per share, with the intent of holding the stock for the indefinite future b. Received a cash dividend of S1.70 per share on the Potter Fine Foods investment. c. At year-end, adjusted the investment account to fair value of $38 per share d. Sold the Potter Fine Foods stock for the price of $27 per share Requirement Journalize the long-term, available-for-sale security transactions of Reynold Department Stores Journal Entry Accounts Debit Credit C. Allowance to Adjust Investment in AFSS to Market Unrealized Gain on Investment in AFSS d. Sold the Potter Fine Foods stock for the price of $27 per share First, prepare the journal entry to record any necessary eliminations. (If a journal entry is not required, select "No entry required" in the first cell a Journal Entry Accounts Debit Credit Unrealized Gain on Investment in AFSS Allowance to Adjust Investment in AFSS to Market Now journalize the sale Journal Entry Accounts Debit Credit Cash Loss on Sale of Investment in AFSS Investment in AFSS d. (2)
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