The Following Transactions and Information Pertain to Langston Corporation for 2013.Prepare

question 71

Essay

The following transactions and information pertain to Langston Corporation for 2013.Prepare entries in journal form,without explanations,to record these transactions.
$\begin{array}{lrl}\text { May } & 1 & \begin{array}{l}\text { Purchased 1,000 shares of Granger Corporation's common stock at } \$ 180 \text { per } \\\text { share (representing 5 percent of Granger's total outstanding stock) as a } \\\text { long-term investment. }\end{array} \\\text { Sept. } & 1 & \text { Received a cash dividend of } \$ 6.00 \text { per share from Granger. } \\\text { Dec. } & 31 & \text { End of Langston's accounting year. Granger's market price per share is } \$ 168 .\end{array}$

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