Gator Shoes, Incorporated, manufactures a line of stylish waterproof footwear. The following transactions relate to investments...

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Gator Shoes, Incorporated, manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2024. March 1 July 1 Purchases 1,700 shares (10%) of Power Drive Corporation's common stock for $49 per share. Receives a cash dividend of $1.65 per share. December 31 The fair value of Power Drive Corporation's common stock is $62 per share. On February 1, 2025 (the following year), Gator Shoes sells 425 shares of Power Drive Corporation's common stock for $57 per share. Required: 1. Record each of these transactions in 2024, including an adjusting entry on December 31 for the investment's fair value, if appropriate. 2. Record the sale on February 1, 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 Record the purchase of the investment. Note: Enter debits before credits. Date March 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Gator Shoes, Incorporated, manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2024. March 1 July 1 Purchases 1,700 shares (10%) of Power Drive Corporation's common stock for $49 per share. Receives a cash dividend of $1.65 per share. December 31 The fair value of Power Drive Corporation's common stock is $62 per share. On February 1, 2025 (the following year), Gator Shoes sells 425 shares of Power Drive Corporation's common stock for $57 per share. Required: 1. Record each of these transactions in 2024, including an adjusting entry on December 31 for the investment's fair value, if appropriate. 2. Record the sale on February 1, 2025. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet 1 2 3 4 Record the purchase of the investment. Note: Enter debits before credits. Date March 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal

Answer rating: 100% (QA)

1 2024 Transactions a Purchase of 1700 shares of Power Drive Corporations common stock at 49 per sha... View the full answer