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question rocktown corporation bought 710 shares of general eccentricstock on march 2 4276879

Question

Rocktown Corporation bought 710 shares of General Eccentricstock on March 20 for its trading securities portfolio at $19 pershare. Rocktown sold the stock at $23 per share on June 23. Preparethe journal entries to record the transactions on each of thesedates, assuming that the investment had not yet been adjusted tofair value (that is, the investment was still recorded at cost atthe time of sale).

Record the purchase of 710 shares of General Eccentric stock byRocktown Corporation for its trading securities portfolio at $19per share.

Record the sale of General Eccentric’s stock by RocktownCorporation at $23 per share. The investment had not been adjustedfor any difference between the purchase price and fair value.

 

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