EztOeducationcomhmtpx RantzowLear Company buys and sells sec

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

Solution

2016

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

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

31 700000-612000=88000