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Point 1: Ellis Transport Company acquired 1.1 million shares of stock in L&K Corporation at $55 per share. They are classified by Ellis as "available for sale." Ellis sold 100,000 shares at $59, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $54.
Hint: There is no entry for the stock dividend, but a new investment per share must be calculated for use later when the shares are sold.
Required:
Question 1: Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
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