Investment in Stock On October 1, 2008, Chicago Corp. purchases 1,000 shares of the preferred…
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Investment in Stock
On October 1, 2008, Chicago Corp. purchases 1,000 shares of the preferred stock of Denver Corp.
for $40 per share. Chicago pays another $1,000 in commissions. On October 20, 2008, Denver
declares and pays a dividend of $1 per share. Chicago sells the stock on November 5, 2008, at a
price of $45 per share.
Required
Prepare all necessary journal entries on Chicago’s books in connection with its investment, beginning
with the purchase of the preferred stock on October 1, 2008; the dividend received on
October 20, 2008; and the sale on November 5, 2008.
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