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2. The following transactions and information pertain to Langston Corporation for 20x7. Prepare entries in journal...

2. The following transactions and information pertain to Langston Corporation for 20x7. Prepare entries in journal form, with explanations, to record these transactions. May 1 Purchased 1,000 shares of Granger Corporation's common stock at $180 per share (representing 5 percent of Granger's total outstanding stock) as a long-term investment. Sept. 1 Received a cash dividend of $6.00 per share from Granger. Dec. 31 This is the end of Langston's accounting year. Granger's market price per share is $168.

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