Daniels Consulting invests its temporary excess cash in a brokerage account. On November 3, 2017,...
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Daniels Consulting invests its temporary excess cash in a brokerage account. On November 3, 2017, Daniels purchased 300 shares of Mauve Co. common stock for $15 per share. On December 31, 2017, Mauves common stock was trading at $10 per share. Assume Daniels records the stock as a trading investment.
1. Journalize the acquisition of Mauve stock on November 3, 2017.
2. Journalize any entries, if required, at December 31, 2017 related to the investment. (Is there an unrealized holding gain/loss? Show your calculation using a t-account if applicable.).
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