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Prepare all general journal entries for above transactions

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Question - XYZ Company uses the fair value method to account for the following transactions:

1/6/15. Purchase 300 shares of equity securities at $15 per share.

4/20/15 Purchased another 600 shares of equity securities at $20 each.

12/1/15 Collected cash dividends of $2 per share on all securities own.

Required - Prepare all general journal entries for the above transactions. Also, assume that the all equity securities owned were trading at $21 per share at December 31, 2015.

Reference no: EM132084022

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