During 2013, Princeton Company acquired some of the 50,000 outstanding shares of the common stock of Cox

Question:

During 2013, Princeton Company acquired some of the 50,000 outstanding shares of the of Cox as trading securities. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2013:
July 2 Purchased 8,000 shares of Cox at $28 per share.
Dec. 15 Cox declared and paid a cash of $2 per share.
31 Determined the fair value of Cox stock to be $29 per share.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...