Scotsland Company Had the Following Transactions Relating to Investments in Trading

question 119

Essay

Scotsland Company had the following transactions relating to investments in trading securities during the year.Prepare the required general journal entries for these transactions.
$$\begin{array} { | l | l | } \hline \text { May } 4 & \begin{array} { l } \text { Scotsland purchased } 600 \text { shares of Lobe Company stock at } \$ 120 \text { per share plus a } \\\$ 750 \text { brokerage fee. }\end{array} \\\hline \text { July 1 } & \text { Scotsland received a } \$ 2.50 \text { per share cash dividend on the Lobe Company stock. } \\\hline \text { Sept. } 15 & \begin{array} { l } \text { Sold } 300 \text { shares of Lobe Company stock for } \$ 125 \text { per share, less a } \$ 450 \\\text { brokerage fee. }\end{array} \\\hline \text { Dec. } 31 & \begin{array} { l } \text { The fair value of the Lobe Company stock (the only investment that Scotsland } \\\text { owns) is } \$ 124 \text { per share. The balance of the Fair value Adjustment-Trading } \\\text { account had a zero balance prior to adjustment. }\end{array} \\\hline\end{array}$$

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Definitions:

Attitude-Behavior Relationship

The link between an individual's beliefs, feelings, and predispositions towards objects or concepts and their consequent actions or behaviors.

Online Reasoning Skills

The ability to critically evaluate information, identify credible sources, and make informed decisions in the digital environment.

Vertical Structure

An organizational structure where hierarchy and rank order define how communication, power, and responsibilities are distributed, typically in a top-down manner.

Horizontal Structure

An organizational structure with few or no levels of middle management between staff and executives, promoting greater team collaboration.