Journalize the following long-term available-for-sale security transactions of Rogers Brothers Department Stores: a. Purchased 520 shares of

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Journalize the following long-term available-for-sale security transactions of Rogers Brothers Department Stores:
a. Purchased 520 shares of Florida Fine Foods common stock at $35 per share, with the intent of holding the stock for the indefinite future.
b. Received a cash dividend of $1.80 per share on the Florida Fine Foods investment.
c. At year-end, adjusted the investment account to fair value of $42 per share.
d. Sold the Florida Fine Foods stock for the price of $27 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...
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...
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Related Book For  answer-question

Financial Accounting

ISBN: 978-0133427530

10th edition

Authors: Walter Harrison, Charles Horngren, William Thomas

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