On March 1, 2016, Emma's Toy Store purchased Toy Maker's stock for $33,400, as a short-term available-for-sale security. On April 10, dividends of $1,075 were received from the Toy Maker's stock. On December 31, 2016, the end of Emma's Toy Store's accounting year, the Toy Maker's stock had a fair value of $34,300. On January 1, 2017, Emma's Toy Store sold all of the Toy Maker's stock for $35,000.
Required:
Prepare the journal entries needed to record the transactions for 2016 and 2017. Explanations are not required.

Question

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The Answer of On March 1, 2016, Emma's Toy Store purchased Toy Maker's stock for $33,400, as a short-term available-for-sale security. On April 10, dividends of $1,075 were received from the Toy Maker's stock. On December 31, 2016, the end of Emma's Toy Store's accounting year, the Toy Maker's stock had a fair value of $34,300. On January 1, 2017, Emma's Toy Store sold all of the Toy Maker's stock for $35,000.
Required:
Prepare the journal entries needed to record the transactions for 2016 and 2017. Explanations are not required.

On March 1, 2016, Emma's Toy Store Purchased Toy Maker's