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In early 2017,Brownlee Corporation found itself with idle cash that it decided to invest in the shares of another business.The following events transpired in 2017 and 2018:
2017
Feb. 1 Brownlee Corporation purchased 1,000 shares in Green Corporation at 15.45 per share
This investment was classified as a short-term investment.
Nov. 15 A dividend of per share was received on the Green Corporation shares.
Dec. 31 This is the end of the fiscal year for Brownlee Corporation. On this date the Green
Corporation shares were worth 16.50 per share.
2018
Prepare journal entries for the above transactions.
Jurisdiction
The legal power or authority given to a court or other legal body to hear and decide cases.
Federal Courts
Courts established by the federal government of a country, having jurisdiction over questions of federal law and involving interstate matters or parties.
Federal Law
Legislation enacted by the national government or Congress that applies to the entire country.
Jurisdiction
The authority given to a legal body like a court to administer justice within a certain area of law or geographic territory.
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