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Flounder Corporation had the following transactions: Aug. 1 Purchased 12,400 Reynolds Corp. common shares for $124 , 000 with the intention of trading them. Sept.
Flounder Corporation had the following transactions: Aug. 1 Purchased 12,400 Reynolds Corp. common shares for $124 , 000 with the intention of trading them. Sept. 10 Received a dividend on the Reynolds shares of $1.40 per share. Oct. 22 Sold half of the investment in Reynolds shares at $13 per share. Dec. 30 Reynolds declares a dividend of $1.45 per share, payable next year. Record the above transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
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