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Crystal Company had the following transactions pertaining to stock investments:
Feb 1 Purchased 600 shares of Diamond common stock (2%) for $7,200 cash
July 1 Received cash dividends of $1 per share on Diamond Common Stock
Sept 1 Sold 300 shares of Diamond common stock for $4,300
Dec 1 Received Cash Dividends of $1 per share on Diamond common stock
Required:
Question 1: How would you properly journalize the transactions?
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