Question

Journalize the following long-term, available-for-sale investment transactions of Kennedy Brothers Department Stores:
a. Purchased 650 shares of Cheng Fine Foods common stock at $33 per share, with the intent of holding the stock for the indefinite future.
b. Received a cash dividend of $1.75 per share on the Cheng Fine Foods investment.
c. At year-end, adjusted the investment account to fair value of $38 per share.
d. Sold the Cheng Fine Foods stock for the price of $26 per share.



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  • CreatedJuly 25, 2014
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