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Use the financial statement effects template to record the following four transactions involving investments in marketable securities. Purchased 6,000 common shares of Liu, Inc., at
Use the financial statement effects template to record the following four transactions involving investments in marketable securities. Purchased 6,000 common shares of Liu, Inc., at $11.50 cash per share. Received a cash dividend of $1.40 per common share from Liu. Year-end market price of Liu common stock is $11.25 per share. Sold all 6,000 common shares of Liu for $66,300. Use negative signs with your answers, when appropriate.
Balance Sheet | ||||||||||
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Transaction | Cash Asset | + | Noncash Assets | = | Liabilities | + | Contributed Capital | + | Earned Capital | |
(1) | Answer | Answer | Answer | Answer | Answer | |||||
(2) | Answer | Answer | Answer | Answer | Answer | |||||
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Income Statement | |||||
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Revenue | - | Expenses | = | Net Income | |
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