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Review the following long-term, equity security transactions of Johnson Department Stores: (Click the icon to view the transactions.) Requirement 1. Journalize the long-term, equity security
Review the following long-term, equity security transactions of Johnson Department Stores: (Click the icon to view the transactions.) Requirement 1. Journalize the long-term, equity security transactions of Johnson Department Stores. a. Purchased 430 shares of Florida Fine Foods common stock at $34 per share (less than 15% of Florida's outstanding stock), with the intent of holding the stock for the indefinite future. b. Received a cash dividend of $1.60 per share on the Florida investment. c. At year-end, adjusted the investment account to fair value of $40 per share. d. Sold the Florida stock for $24 per share
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