Response to the following :
Refer to problem 1. Assume that Bulldog, Incorporated, sold 750 shares of Gamecock Company on June 17, Year 2 for $28 per share. The fair value of these shares on the December 31, Year 1 balance sheet was $24 per share. Prepare the journal entries to record the sale on June 17, Year 2.
Problem 1:
Bulldog, Incorporated, purchased 3,000 shares of Gamecock Company for $99,000 on March 31, Year 1. On June 30 Gamecock Company issued a 50% stock dividend and Bulldog, Incorporated, received another 1,500 shares. Record the receipt of the stock dividend by Bulldog.