Question: Use the data given in S8 1 On May 21 2015

Use the data given in S8-1. On May 21, 2015, Tiffany Company sold its investment in Byson Co. stock for $23 per share.
In S8-1, Tiffany Company completed these long-term available-for-sale investment transactions during 2014:
Apr 10 Purchased 600 shares of Byson stock, paying $17 per share.
Tiffany Company intends to hold the investment for the indefinite future.
Jul 22 Received a cash dividend of $1.24 per share on the Byson stock.
Dec 31 Adjusted the Byson investment to its current market value of $5,500.Dec 31

1. Journalize the sale. No explanation is required.
2. How does the gain or loss that you recorded here differ from the gain or loss that was recorded at December 31, 2014?

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  • CreatedJuly 25, 2014
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