On January 1, 2019, Seminole Inc. purchased 300 shares of Cornett Company common stock at $40 per
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Question:
On January 1, 2019, Seminole Inc. purchased 300 shares of Cornett Company common stock at $40 per share. The investment in Cornett Company stock has a market value of $10,500 on December 31, 2019. Seminole recorded the necessary year-end journal entry to record the unrealized gain or loss. Assume that on February 1, 2020, Seminole sold its investment in Cornett stock for $10,000.
Required:
Prepare the journal entries of Seminole to record the sale.
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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