Solution-Prepare the necessary entries assuming the nop

Prepare the necessary entries assuming the nop stock

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Reference no: EM131087131

Accounting for Trading Securities

Fox Company made the following transactions in the common stock of NOP Company:

July 10, 2006	Purchased 10,000 shares at $45 per share.
Sept. 29, 2007	Sold 2,000 shares for $51 per share.
Aug. 17, 2008	Sold 2,500 shares for $33 per share.

The end-of-year market prices for the shares were as follows:

December 31, 2006	$47 per share
December 31, 2007	39 per share
December 31, 2008	31 per share

Instructions: Prepare the necessary entries for 2006, 2007, and 2008, assuming the NOP stock is classified as a trading security.

Reference no: EM131087131

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Prepare the necessary entries assuming the nop stock

Reference no: EM131087131

Reference no: EM131087131

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