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Prepare journal entries for the brown corp transactions

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Question - In early 2016, Brown Corporation found itself with idle cash that it decided to invest in the shares of another business. The following events happened in 2016 and 2017:

2016

Feb. 1 Brown 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 $1 per share was received on the Green Corporation shares.

Dec. 31 This is the end of the fiscal year for Brown Corporation. On this date the Green Corporation shares were worth 16.50 per share.

2017

Jan. 27 Brown Corporation sold 500 Green Corporation shares for 17.50 per share.

Prepare journal entries for the above transactions.

Reference no: EM132229568

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