Prepare general journal entries to record the following transactions for The Elite Corp in its first year of operations:
(a)On May 4,as a short term investment purchased 700 shares of Value Corp.for $70/share,paying a $500 brokerage fee.
(b)On July 1,received $2.00 per share cash dividend on the Value Corp.shares.
(c)On September 15,sold 500 Value Corp.shares for $120 per share,incurring a $500 brokerage fee.
(d)The December 31 fair value of the company's short-term investment in Value Corp revealed a $2,000 unrealized gain.

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The Answer of Prepare general journal entries to record the following transactions for The Elite Corp in its first year of operations:
(a)On May 4,as a short term investment purchased 700 shares of Value Corp.for $70/share,paying a $500 brokerage fee.
(b)On July 1,received $2.00 per share cash dividend on the Value Corp.shares.
(c)On September 15,sold 500 Value Corp.shares for $120 per share,incurring a $500 brokerage fee.
(d)The December 31 fair value of the company's short-term investment in Value Corp revealed a $2,000 unrealized gain.

Prepare General Journal Entries to Record the Following Transactions for the Elite