During Year 1, the company purchased 1,000 shares of stock for $23 per share. Near the end

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During Year 1, the company purchased 1,000 shares of stock for $23 per share. Near the end of Year 1, the company sold 400 shares. Make the journal entry to record the sale, assuming that the shares were sold for

(1) $27 per share and

(2) $20 per share.

The shares were classified as trading securities.


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Related Book For  answer-question

Intermediate Accounting

ISBN: 978-0324592375

17th Edition

Authors: James D. Stice, Earl K. Stice, Fred Skousen

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