Sanajevah Corp. had the following transactions related to investments held for trading:
Jan 1 Purchased 900 Punji Inc. shares for $ 9,450.
Jun 1 Received cash dividends of $ 0.50 per share on Punji shares.
Sep 15 Sold 400 Punji shares for $ 4,300.
Dec 1 Received cash dividends of $ 0.50 per share on Punji shares.
On December 31, the shares of Punji Inc. were trading for $ 10 each.
Instructions
a) Journalize the transactions.
b) Indicate the income statement and/or comprehensive income effects of the transactions.

Question

Quizplus · Accepted Answer

The Answer of Sanajevah Corp. had the following transactions related to investments held for trading:
Jan 1 Purchased 900 Punji Inc. shares for $ 9,450.
Jun 1 Received cash dividends of $ 0.50 per share on Punji shares.
Sep 15 Sold 400 Punji shares for $ 4,300.
Dec 1 Received cash dividends of $ 0.50 per share on Punji shares.
On December 31, the shares of Punji Inc. were trading for $ 10 each.
Instructions
a) Journalize the transactions.
b) Indicate the income statement and/or comprehensive income effects of the transactions.