Ontario Corporation (a private corporation) reported the following transactions relating to its held for trading investments:Jan 1 Purchased 1,000 Manitoba Corporation shares for $45,000 cash.Jun 1 Received cash dividends of $0.50 per share from Manitoba Corporation.Sep 15 Sold 400 shares of Manitoba Corporation for $14,875.At year end (December 31), the Manitoba shares were trading at $42.Instructions
a. Record the above transactions.
b. Prepare the adjusting entry, if any, regarding the Manitoba shares at December 31.
c. Indicate where any revenues and gains or losses (realized or unrealized) would appear in the financial statements.

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The Answer of Ontario Corporation (a private corporation) reported the following transactions relating to its held for trading investments:Jan 1 Purchased 1,000 Manitoba Corporation shares for $45,000 cash.Jun 1 Received cash dividends of $0.50 per share from Manitoba Corporation.Sep 15 Sold 400 shares of Manitoba Corporation for $14,875.At year end (December 31), the Manitoba shares were trading at $42.Instructions
a. Record the above transactions.
b. Prepare the adjusting entry, if any, regarding the Manitoba shares at December 31.
c. Indicate where any revenues and gains or losses (realized or unrealized) would appear in the financial statements.

Ontario Corporation (A Private Corporation) Reported the Following Transactions Relating