Reference no: EM133115478
Question - Journalize the entries to record the following selected equity investment transactions for Pint, Inc. Journal entry descriptions are not required.
Date Transaction Description
5/1/20Y1 Purchased 8,000 shares of the 80,000 outstanding shares of Quart Company for $21 per share plus a $400 brokerage commission.
6/30/20Y1 Received its share of a $300,000 cash dividend Quart Company collectively paid to its investors.
12/31/20Y1 Marked the equity investments to a market value of $18 per share. The equity investments are classified as available-for-sale investments.
4/25/20Y2 Sold 1,000 shares of Quart Company stock for $19 per share less a $100 brokerage commission.
9/15/20Y2 Received a dividend of $3 per share from Quart Company.
12/31/20Y2 Marked the equity investments to a market value of $24 per share.
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