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Woodland Inc. completed these long-term investment transactions during 2023 and 2024. January 14,2023...

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Accounting

Woodland Inc. completed these long-term investment transactions during 2023 and 2024.
January 14,2023 Purchased 1,100 shares of Best Ltd., paying $49.00 per share. Woodland intends to hold the investment for the indefinite future.
August 22,2023 Received a cash dividend of $5.25 per share on the Best Ltd. shares.
December 31,2023 Adjusted the Best Ltd. investment to its current fair value of $56,100.
August 4,2024 Woodland Inc. sold its investment in Best Ltd. for $53.50 per share.
Required
Requirement 1. Journalize the sale, excluding any brokerage commission expense.
On August 4,2024, Woodland Inc. sold its investment in Best Ltd. for $53.50 per share. (Record debits first, then credits. Exclude explanations from journal entries.)
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