Table 16-7
the Following Are Transactions in the Purchase and Sale

question 104

Essay

Table 16-7
The following are transactions in the purchase and sale of Straton Ltd. shares by Samuels Inc. $$\begin{array} { l l } \text { January } 15,2017 & \text { Purchased } 2,000 \text { shares of Straton at } \$ 20.00 \text { and J} \\\text { February 10,2017 } & \text { Received } \$ 1.00 \text { dividend from Straton. } \\\text { December 31, 2017 } & \text { Straton reported net income of } \$ 6,000 . \\\text { December 31, 2017 } & \text { Market value of Straton shares } \$ 22.00 . \\\text { June 30, 2018 } & \text { Sold all shares of Straton for } \$ 21.00 \text { per share. }\end{array}$$ Record the journal entries for the above transactions for Samuels Inc.
-Refer to Table 16-7.Assume that the investment in Straton shares is classified as a short-term investment by Samuels and Samuels exerts no significant influence over Straton.

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