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Wildhorse Inc. had the following transactions pertaining to investments in common stock. Jan. 1 Purchased 3,300...

Wildhorse Inc. had the following transactions pertaining to investments in common stock. Jan. 1 Purchased 3,300 shares of Escalante Corporation common stock (4%) for $200,640 cash. July 1 Received a cash dividend of $3 per share. Dec. 1 Sold 660 shares of Escalante Corporation common stock for $42,240 cash. Dec. 31 Received a cash dividend of $3 per share.

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Answer #1
Journal entries
date particulars debit credit
01-Jan stock investment 200640
cash 200640
01-Jul cash (3300*3) 9900
dividend revenue 9900
01-Dec cash 42240
stock investment(60.8*660) 40128
gain on investment sold 2112
31-Dec cash (2640*3) 7920
dividend revenue 7920

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