Use the data given in Short Exercise 8-1. On May 21, 2013, Mail 4 You sold its
Question:
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 31,2012?
Transcribed Image Text:
2012 Apr 10 Jul 22 Purchased 600 shares of Tycon stock, paying $17 per share. Mail 4 You intends to hold the investment for the indefinite future. Received a cash dividend of $1.24 per share on the Tycon stock. Dec 3 Adjusted the Tycon investment to its current market value of $5,500.
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Req 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT 2013 May 21 Cash 600 23 Allo...View the full answer
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Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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