Recording Availabte-for-Sale Securities Transactions
During 2011, Yale Company acquired some of the 50,000 outstanding shares ot the common stock, par $ 12, of Carol Corporation as available-for-sale investments. The accounting period for both companies ends December 31. Give the journal entries for each of the following transactions that occurred during 2011:
Dec. 2 Purchased 6,250 shares of Carol common stock at $26 per share.
Dec. 15 Carol Corporation declared and paid a cash dividend of $3 per share.
Dec. 31 Determined the current market price of Carol stock to be $22 per share.
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