EztO.education.com/hm.tpx Rantzow-Lear Company buys and sells securities expecti

Question

EztO.education.com/hm.tpx Rantzow-Lear Company buys and sells securities expecting to eam profits on short-term differences in pric e. The company's fiscal year ends on December 31. The following selected transactions relating to antzow-Lear's trading account occurred during December 2016 and the first week of 2017 2016 Dec. 17 Purchased 175,000 Grocers Supply Corporation preferred shares for $612,500 28 31 Received cash dividends of $5.000 from the Grocers Supply Corporation preferred shares. Recorded any necessary adjusting entry relating to the Grocers' Supply Corporation preferred shares. The market price of the stock was $4 per share 2017 Jan. 5 Sold the Grocers' Supply Corporation preferred shares for $665,000 Required 1. Prepare the appropriate journal entry for each transaction. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 Sold the Grocers' Supply Corporation preferred shares for $665,000. Note: Enter debito before srecits Date General Journal Debit Credit anuary 05, 2017 Type here to search

Explanation / Answer

2016

December 17 purchased 175000......,debit 612000

28 reviewed........ 5000*"credit

31 700000-612000=88000

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