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7. Chapter 15 Investments In the first year of operations, Acme Company had the following...

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7. Chapter 15 Investments In the first year of operations, Acme Company had the following selected transactions in trading securities. At December 31 the fair market values were $40 for Staples, Inc. and $30 for Ross, Inc. (15 mins) Journalize the investment transactions and prepare the adjusting entry at Dec. 31. June 1: Purchased for cash 600 shares of Staples, Inc. common stock at $25 per share July 1: Purchased for cash 800 shares of Ross Inc. common stock at $35 per share Sept. 1: Received a $2 per share cash dividend from Ross, Inc. Nov 1: Sold 200 shares of Staples, Inc. common stock for cash at $30 per share Dec 15: Received a $1 per share cash dividend on Staples, Inc. common stock. Dec 31: Adjusting entry for unrealized gain or loss: (Fair values were $40 for Staples, Inc. and $30 for Ross, Inc)

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