2. Prepare journal entries to record the following investment-related transactions of a company for its first...

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2. Prepare journal entries to record the following investment-related transactions of a company for its first year of operations: On May 4, the company purchased 600 shares of Orbital Company Stock at $140 per share as a short-term investment in an available-for-sale security. On July 1, received a $2.50 per share cash dividend on the Orbital Company stock purchased in transaction (a). On September 15, sold 250 shares of Orbital Company stock purchased in transaction (a) for $85 per а. b. с. share On October 15, sold 100 shares of Orbital Company stock purchased in transaction (a) for $185 per d. share 2. Prepare journal entries to record the following investment-related transactions of a company for its first year of operations: On May 4, the company purchased 600 shares of Orbital Company Stock at $140 per share as a short-term investment in an available-for-sale security. On July 1, received a $2.50 per share cash dividend on the Orbital Company stock purchased in transaction (a). On September 15, sold 250 shares of Orbital Company stock purchased in transaction (a) for $85 per а. b. с. share On October 15, sold 100 shares of Orbital Company stock purchased in transaction (a) for $185 per d. share

Answer rating: 100% (QA)

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