During Year 1, the company purchased 1,000 shares of stock for $24 per share. Near the end

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During Year 1, the company purchased 1,000 shares of stock for $24 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: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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