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Plumbline Tech Corp. manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by Plumbline

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Plumbline Tech Corp. manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by Plumbline during 2010:
Feb. 2. Purchased for cash 900 shares of Devon Inc. stock for $54 per share plus a $450 brokerage commission
Apr. 16. Received dividends of $0.25 per share on Devon Inc. stock
June 17. Purchased 600 shares of Devon Inc. stock for $65 per share plus a $300 brokerage commission
Aug. 19. Sold 1,000 shares of Devon Inc. stock for $70 per share less a $500 brokerage commission. Plumb line assumes that the first investments purchased are the first investments sold
Nov. 14. Received dividends of $0.30 per share on Devon Inc. stocks

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Date 17 Feb Investments Devon Incorporation Stock Cash Purchased 9…View the full answer


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Accounting

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Question Details
Chapter # 15- Investments and Fair Value Accounting
Section: Exercises
Problem: 7
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Question Posted: September 05, 2011 07:33:01
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Stocks (also known as equities) are securities that represent ownership in a company. They are issued by companies to raise capital, and when an individual buys stocks, they become a shareholder in that company. Investing in stocks can be a way for individuals to potentially earn a return on their investment through dividends and capital appreciation. However, investing in stocks also carries a level of risk, as the value of the stock can fluctuate based on various factors such as the financial performance of the company and general market conditions. For companies, issuing stocks can be a way to raise funds for growth and expansion. When a company goes public by issuing an initial public offering (IPO), it can raise significant capital by selling ownership stakes to the public. Companies can also issue additional stock offerings to raise additional capital as needed.

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