A company purchased $17,500 of common shares in Danis Corporation on September 1,2017.This investment was properly classified as a short-term investment.At December 31,2017,the end of the investor's fiscal year,the investment had declined in value to $16,400.On December 1,2018,the company received $700 in dividends from the investment.On December 2,2018,the investment was sold for $18,600.
Prepare journal entries for 2017 through 2018 relating to the above transactions.

Question

Quizplus · Accepted Answer

The Answer of A company purchased $17,500 of common shares in Danis Corporation on September 1,2017.This investment was properly classified as a short-term investment.At December 31,2017,the end of the investor's fiscal year,the investment had declined in value to $16,400.On December 1,2018,the company received $700 in dividends from the investment.On December 2,2018,the investment was sold for $18,600.
Prepare journal entries for 2017 through 2018 relating to the above transactions.

A Company Purchased $17,500 of Common Shares in Danis Corporation