Question: Use the data given in Starter 16-7 . On August 4, 2015, Marsland Inc. sold its investment in Crew Ltd. for $53.00 per share. Disregard

Use the data given in Starter 16-7 . On August 4, 2015, Marsland Inc. sold its investment in Crew Ltd. for $53.00 per share. Disregard commissions.

1. Journalize the sale. No explanation is required.

2. How does the gain or loss that you recorded differ from the gain or loss that was recorded at December 31, 2014 (in Starter 16-7 )?

Data From Starter 16-7

Marsland Inc. completed these long-term investment transactions during 2014. Disregard commissions.
2014
Jan. 14 Purchased 1,000 shares of Crew Ltd., paying $41.00 per share. Marsland intends to hold the investment for the indefinite future.
Aug. 22 Received a cash dividend of $3.28 per share on the Crew Ltd. shares.
Dec. 31 Adjusted the Crew Ltd. investment to its current fair value of $50,750.

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