On January 3, 2014, Nancy Corporation purchased the following equity securities as an investment: 
These securities are classified as available-for-sale.
Required:
a.Prepare the journal entry to record the acquisition of the stock.
b.On June 30, 2014, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Nancy to record the dividend receipt.
c.On December 31, 2014, the market values per share were:
Prepare any journal entry or entries necessary to record these changes in market value.
On March 14, 2015, Nancy sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.
Correct Answer:
Verified
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