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The Seaside Life Insurance Company originally purchased 1.000 shares of Marine Corporation stock for $40 cash per share. Seaside later sold the stock for $35,000
The Seaside Life Insurance Company originally purchased 1.000 shares of Marine Corporation stock for $40 cash per share. Seaside later sold the stock for $35,000 cash. Seaside also purchased real estate for $10 million, with a $2 million cash down payment, and the rest on account. Prepare the accounting entry to record Seaside's: a. stock purchase: b. sale of the stocks; and c. real estate purchase
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