Journalize the following long-term, equity security transactions of Jeakin Department Stores: a. Purchased 450 shares of Fordham

Question:

Journalize the following long-term, equity security transactions of Jeakin Department Stores:

a. Purchased 450 shares of Fordham Fine Foods common stock at $33 per share (less than 10% of Fordham’s outstanding stock), with the intent of holding the stock for the indefinite future.

b. Received a cash dividend of $1.30 per share on the Fordham investment.

c. At year-end, adjusted the investment account to fair value of $39 per share.

d. Sold the Fordham stock for $28 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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