During 2004. Princeton Company acquired some of the 50,000 outstanding shares of the common slock, par $10, of Cox Corporation as trading securities. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2(XU:

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July 2 Purchased 8.000 shares of Cox common stock at $28 per share. Dec. 15 Cox Corporation declared and paid a cash dividend of $2 per share. 31 Determined the current market price of Cox stock to be $25 per share.