Landers, Inc., held 1,500 of Shipman Company common stock with a cost of $36,900. The investment is considered a stock investment with insignificant influence. Landers sold the shares on December 13 for $42,100 cash. Prepare Lander's journal entry to record this sale.
What will be an ideal response?
| Dec 13 | Cash | 42,100 | ? |
| ? | Stock Investments | ? | 36,900 |
| ? | Gain on Sale of Stock Investments | ? | 5,200 |
Business
You might also like to view...
Explain how marketers are using the Web for international business
What will be an ideal response?
Business
An _________________ is a court-ordered restraint on action to prevent harm or damage to someone else.
Fill in the blank(s) with the appropriate word(s).
Business
A minor cannot act as an agent
a. True b. False Indicate whether the statement is true or false
Business
Any breach discharges the nonbreaching party from the contract
Indicate whether the statement is true or false
Business