On April 3, Jenny's Store purchased stock in New Company for $36,000, and classified it as a short-term available-for-sale security. On April 28, Jenny's Store received dividends from New Company of $1,250. On June 30, the New Company stock had a fair value of $32,000.
Required:
1. Prepare the journal entries needed to record the transactions. Explanations are not required.
2. What will Jenny's Store report on its income statement for the year ended December 31?

Question

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The Answer of On April 3, Jenny's Store purchased stock in New Company for $36,000, and classified it as a short-term available-for-sale security. On April 28, Jenny's Store received dividends from New Company of $1,250. On June 30, the New Company stock had a fair value of $32,000.
Required:
1. Prepare the journal entries needed to record the transactions. Explanations are not required.
2. What will Jenny's Store report on its income statement for the year ended December 31?

On April 3, Jenny's Store Purchased Stock in New Company