(Answered) 1 ellis transport company acquired 12 million shares of

Accounting

1. Ellis Transport Company acquired 1.2 million shares of stock in L&K Corporation at $44 per share. They are classified by Ellis as "available for sale." Ellis sold 200,000 shares at $46, received a 10% stock dividend, and then later in the year sold another 100,000 shares at $43.

Required:

Prepare journal entries to record these transactions.

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