Reference no: EM133077064
Question - On May 1, 2021, Marathon Company purchased 4,750 common shares of Schreiber Corporation at a price of $22 each.
On June 28, 2021, Marathon Company received a dividend of $0.95 per share on its investment in Schreiber Corporation.
On Marathon Company's year-end date of November 30, 2021, the common shares in Schreiber Corporation were trading at $23 each.
On February 18, 2022, Marathon Company sold 50% of its shares in Schreiber Corporation at $21 per share.
Marathon Company pays a 2% commission on all purchases and sales of securities.
Marathon Company uses the fair value through net income (FV-NI) method to account for its investment in Schreiber Corporation.
Required - Prepare journal entries for Marathon Company for each of the above transactions, including any applicable year end adjusting entries.
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