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  3. on august 1, 2018, pukalani ltd. purchased 1,100 d

On August 1, 2018, Pukalani Ltd. purchased 1,100 Datawave Inc. common shares for $46,900 cash...

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Accounting

On August 1, 2018, Pukalani Ltd. purchased 1,100 Datawave Inc. common shares for $46,900 cash with the intention of trading the shares and using the fair value through profit or loss model. Datawave declared a dividend of $1 per common share, which Pukalani received on December 28, 2018. On December 31, 2018, Pukalanis year end, the shares fair value was $51,000. Assume that the shares were sold on February 1, 2019. Record the sale under two different assumptions: (a) the shares sold for $49,100, and (b) the shares sold for $45,500. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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No. Date Account Titles and Explanation Debit Credit (a) Feb. 1 (b) Feb. 1

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