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Grafton Company had the following transactions pertaining to its short-term stock investments.
Jan. 1 Purchased 2,000 shares of Hortez Company stock for $101,100 cash.
June 1 Received cash dividends of $2.70 per share on the Hortez Company stock.
Sept. 15 Sold 1,000 shares of the Hortez Company stock for $49,600.
Dec. 31 The fair values of the securities were $50,800. Prepare the adjusting entry to report the portfolio at fair value.
Instructions
(a) Journalize the transactions.
(b) Indicate the income statement effects of the transactions.
Lean Management System
A systematic approach for eliminating waste within a manufacturing system without sacrificing productivity.
Material Price Variance
The difference between the actual cost of materials purchased and the expected (or standard) cost, reflecting how effectively a company controls its material costs.
Executive Managers
Senior-level employees responsible for the strategic planning and direction of a company's operations.
Operating Income
A measure of a company's profit that excludes non-operating expenses such as interest and taxes, focusing on the profit generated from core business operations.
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