(Learning Objective 2: Record transactions for available-for-sale securities) Journalize the…

 
   

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(Learning Objective 2: Record transactions for available-for-sale securities) Journalize the following long-term available-for-sale security transactions of Rogers Brothers Department Stores:

a. Purchased 520 shares of Florida Fine Foods common stock at $35 per share, with the intent of holding the stock for the indefinite future.

b. Received a cash dividend of $1.80 per share on the Florida Fine Foods investment.

c. At year-end, adjusted the investment account to fair value of $42 per share.

d. Sold the Florida Fine Foods stock for the price of $27 per share.