Solved: Determine the stock dividends received on investments, Financial Accounting

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Determine the stock dividends received on investments

Stock dividends received on investments; integrative problem

Response to the following problem:

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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Financial Accounting: Determine the stock dividends received on investments

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Financial Accounting: Determine the stock dividends received on investments

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