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Prepare riley company journal entries

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Question - Prepare Riley Company's journal entries to record the following transactions for the current year.

April 18: Purchases 420 common shares of XLT Co. as a short-term investment at a cost of $54 per share. With this stock investment, Riley has an insignificant influence over XLT.

May 30: Receives $1.10 per share from XLT in dividends on May 30.

Reference no: EM132842467

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