The following transactions were made by Nemo Inc., a public company. Assume all investments are held for trading.
Jun 2 Purchased 200 Searching Corporation common shares for $ 45 per share.
Jul 1 Purchased 200 Finding Corporation bonds for $ 220,000.
30 Received a cash dividend of $ 2 per share from Searching Corporation.
Sep 15 Sold 60 shares of Searching Corporation for $ 50 per share.
Dec 31 Received semi-annual interest cheque for $ 11,000 from Finding Corporation.
31 Received a cash dividend of $ 2 per share from Searching Corporation.
31 The shares of Searching Corporation are worth $ 60 each on this date. The Bonds are worth $ 237,000.
Instructions
Journalize the transactions and required adjusting journal entries at December 31, the company's fiscal year end.
Correct Answer:
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