Assessing Financial Statement Effects of Trading and Available-for-Sale Securities For the following transactions involving investments...
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Accounting
Assessing Financial Statement Effects of Trading and Available-for-Sale Securities For the following transactions involving investments in marketable securities, assume that: a. Investments are classified as trading.
| (1) | Ohlson Co. purchases 5,200 common shares of Freeman Co. at $16 cash per share. |
| (2) | Ohlson Co. receives a cash dividend of $1.25 per common share from Freeman. |
| (3) | Year-end market price of Freeman common stock is $17.5 per share. |
| (4) | Ohlson Co. sells all 5,200 common shares of Freeman for $86,600 cash. |
| (i) prepare journal entries to record the four transactions, | |
| (ii) post the journal entries to their respective T-accounts, | |
| and (iii) record each of the transactions in the financial statement effects template. |
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