Question $24$: $(8$ Marks$)-(15$ Minutes$)$

The following transactions were made by Nemo Inc., a public company. Assume all investments

are held for trading.

June $2$ Purchased $200$ Searching Corporation common shares for $$45$ per share.

July $1$ Purchased $200$ Finding Corporation bonds for $$220,000.$

$30$ Received a cash dividend of $$2$ per share from Searching Corporation.

Sept. $15$ Sold $60$ shares of Searching Corporation for $$50$ per share.

Dec. $31$ Received semi$-$annual interest cheque for $$11,000$ from Finding Corporation.

$31$ Received a cash dividend of $$2$ per share from Searching Corporation.

$31$ The shares of Searching Corporation are worth $$60$ each on this date. The bonds are

worth $$237,000.$

Instructions

Journalize the transactions and required adjusting journal entries at December $31,$ the

company's fiscal year end.