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Prepare all the necessary journal entries for the sale

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Question - At the beginning of the year, Asteroid Corp. purchased 300 common shares of Shield Inc. for $23,400 and accounted for them using FV-OCI (no recycling). During the year, Shield paid a cash dividend of $3.25 per share. On December 31, 2020 (yearend), Shield shares had a fair value of $74.50 per share. On January 1, 2021, Asteroid sold all shares of Shield for $75.00.

Based on information above, prepare all the necessary journal entries up to and including December 31, 2020?

Based on information above, prepare all the necessary journal entries for the sale of the investment on January 1, 2021?

Reference no: EM132798211

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