The Following Transactions and Information Pertain to Langston Corporation for 20xx.Prepare

question 141

Essay

The following transactions and information pertain to Langston Corporation for 20xx.Prepare entries in journal form,without explanations,to record these transactions.
$\begin{array}{lrl}\text { May } & \text { 1. } & \begin{array}{l}\text { Purchased 1,000 shares of Granger Corporation's common stock at } \$ 180 \text { per } \\\text { share (representing } 5 \text { percent of Granger's total outstanding stock) as a } \\\text { long-term investment. }\end{array} \\\text { Sept. } & \text { 1 } & \text { Received a cash dividend of } \$ 6.00 \text { per share from Granger. } \\\text { Dec. } & 31 & \text { End of Langston's accounting year. Granger's market price per share is } \$ 168 \text {. }\end{array}$

---

Definitions:

Long Position

Holding an asset or security with the expectation that it will increase in value over time, reflecting an investment strategy based on anticipated price growth.

Treasury Bonds

Long-term government securities issued by the U.S. Treasury with a maturity period typically between 20 to 30 years.

Interest Rate Futures

Financial derivatives that allow investors to bet on or hedge against future changes in interest rates.

Sell

The action of offloading an investment from one's portfolio, typically with the goal of realizing gains or limiting losses.