Question

Prepare Journal entry. On March 10, 2019, Dearden, Inc., purchased 15,000 shares of Jaffa stock for...

Prepare Journal entry.

On March 10, 2019, Dearden, Inc., purchased 15,000 shares of Jaffa stock for $35 per share as a long-term passive investment. Dearden’s year ends on December 31. The following information pertains to the price per share of Jaffa stock:

Stock Price
12/31/2019 $ 33
12/31/2020 36
12/31/2021 32

Dearden sold all of the Jaffa stock on September 12, 2022, at a price of $30 per share.

A.) Prepare Journal entry: Record the cash received from the sale of the equity securities as on September 12, 2022.

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