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On June 30, 2016, Slick Rocks, Inc., purchased 10,000 shares of Sandstone stock for $24 per share. Management recorded the stock in the available-for-sale securities portfolio. The following information pertains to the price per share of Sandstone stock:

Price

12/31/2016 $29  

12/31/2017 $26  

12/31/2018 $33 

Slick Rocks sold all of the Sandstone stock on February 14, 2019, at a price of $35 per share.

Prepare any journal entries that are required by the facts presented in this case.

(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

  • Record the appropriate journal entry on June 30, 2016.
  • Record the appropriate journal entry on Dec. 31, 2016.
  • Record the appropriate journal entry on Dec. 31, 2017.
  • Record the appropriate journal entry on Dec. 31, 2018.
  • Record the appropriate journal entry on Feb. 14, 2019.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92442631
  • Price:- $25

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